According to Elan Website, on May 20, East zirconium Industry Co. Ltd. said it will spend 40 million Australian dollars to jointly develop Australian zircon mine enterprises with Austrian companies, among which East zirconium industry shares account for 51%.
 

  Eastern zirconium industry said^, they have already achieve strategic intent to jointly purchase Australian Zircon NL Corporation (AZC) with Austria DCM DECO metal Limited (DCM) on May 19^t.
 

  Concrete steps is that the East zirconium industry will jointly funded joint venture in Australia with DCM, and the joint venture will purchase all assets of AZC, while East zirconium industry will lead the joint venture.
   

 In addition, AZC also have 80% interest of "the world's current largest single zircon mineral resources WIM 150". If the project can be developed successfully, the company who own the resources will become the world's leading supplier of zirconium ore.  At present,  WIM 150 project is expected to be developed in 3-5 years.
 

 Eastern zirconium industry company said the deal has little effect on its financial position.