Chinese Businessmen drop King Island Deal

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Chinese Businessmen drop King Island Deal

Chinese businessmen have decided to pull out of a $100 million tungsten mine which was already being developed.

The mine which is based on King Island, is now apparently not a priority for them and that means for them that the deal has now been ended.

Mr Bird said “Hunnan’s withdrawal from the project is not likely to create major delays”.

“I am quietly confident that there’s enough interest by other parties in this project which is world class,” he said.

“It certainly has interest from other parties, particularly outside China but there other entities within China that I believe may be interested as well.”