[oh shut up -ed]
From the press release, via MarketWatch:
Frontier Rare Earths and Korea Resources Corporation Sign Strategic Partnership Agreement
KORES to acquire up to a 20% interest in the Zandkopsdrift rare earth project, up to a 10% interest in Frontier and a right to purchase up to 40% of Zandkopsdrift's rare earth productionThis is a big deal as the details make clear. Just when you start to think this stuff was a fad you get governments making very decisive moves.
Frontier Rare Earths Limited CA:FRO -1.00% CA:FRO.WS 0.00% announced today that it has signed a heads of agreement with Korea Resources Corporation ("KORES"), the Korean Government-owned mining and natural resource investment company, to form a strategic partnership designed to accelerate the development of Frontier's Zandkopsdrift rare earth project in South Africa. Under the terms of the agreement, which is non-binding, KORES will acquire up to a 20% interest in the Zandkopsdrift project as well as up to a 10% equity position in Frontier and the right to purchase up to 40% of Zandkopsdrift's rare earth production. The parties expect to sign a binding strategic partnership agreement in Q4 2011....MORE
Frontier Rare Earths in Partner Talks for South African Mine and an Interview with the CEO (FRO.tsx)