OnCard International Limited (ASX:ONC) has signed a Buffet Club Purchase Cooperation Agreement with China Citic Bank (SHA:601998) (HKG:0998), formalising a milestone step for OnCard to significantly expand its Buffet Club business into mainland China. The Agreement has been signed for a 12 month period with an option to extend for a further 12 months. It is planned that in the first full year to 31 December 2011 Buffet Club memberships will be issued to more than 200,000 existing CITIC Gold and Platinum credit cardholders and OnCard's earnings before interest and tax is expected to increase by 50% on a calendar year basis. OnCard's Buffet Club currently has 45,000 members in Hong Kong, Singapore and Malaysia. It is Asia's best selling dining club programme with over 100 participating hotel restaurants.
Centrex Metals Limited (ASX:CXM) welcomes the announcement today by the South Australian Government declaring the proposed Sheep Hill deepwater bulk commodities export port on Eyre Peninsula, an infrastructure proposal warranting "Major Project" status. The declaration means the economic importance of the proposal is deemed such that the Government will be the responsible entity for setting the guidelines on how all factors of the project will be assessed. Centrex and China Top 5 steelmaker, Wuhan Iron and Steel Company (SHA:600005) signed a Heads of Agreement early last year to form a 50:50 Joint Venture to design and construct the deepwater port.
Engineering and construction company Clough Limited (ASX:CLO) today announced that the Clough Helix Joint Venture, a joint venture between Clough and Helix Energy Solutions Group (NYSE:HLX), has been given a letter of intent by CNOOEC (SHA:600583) Subsea Technology Co. Ltd. for offshore installation support activities associated with the Huizhou Field, offshore China. The scope of work encompasses project management, offshore installation engineering, and offshore construction services. The Huizhou Field is located 190 kilometres south east off the coast of Hong Kong and will provide an average of 400 million cubic feet of natural gas per day, or enough to power 1.5 million homes.
China Magnesium Corporation Limited (ASX:CMC) has increased its interest in the Pingyao Magnesium Project to 90.7% by injecting an additional A$5.4 million of capital contributions into CMC China. The Pingyao Magnesium Project is 100% owned by the Chinese joint venture company, Shanxi Luyuan Magnesium Company Limited. The injection and joint venture interest has now been confirmed and approved by the Shanxi Administration for Industry and Commerce.
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