Resources company Malachite Resources (ASX:MAR) has formed a strategic alliance with Nanyang Mining Resources Investment, a privately owned Chinese-Australian investment group.
Nanyang has established a partnership with Malachite in order to become a significant participant in the Australian mining industry.
Investors liked the news, Malachite shares kicked 13 per cent, or 1.5c, to 13c.
Subject to conditions, Nanyang will become Malachite's largest shareholder through an equity injection in the short term and a joint venture partner in its Conrad Silver Project.