Orica and Jiulian Resources to form a joint venture in China.

Orica, a provider of commercial explosives and innovation blasting systems and Jiulian Resources, an exploration company engaged in acquiring and advancing mineral properties, agreed to form a joint venture for the manufacture and service delivery of explosives in China. Orica and Jiulian will own 49% and 51% respectively. Financial terms were not disclosed. “Jiulian is one of China’s leading players in the China explosives market. We expect that entering into a joint venture with a significant and credible market player will create an attractive platform to reinvigorate our operating assets in China. Over time, we expect to deepen our relationship and pursue new opportunities in the China market and beyond. The joint venture also better positions Orica to benefit from industry consolidation and technological changes underway in the China market," Alberto Calderon, Orica CEO and Managing Director.