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Orica signs deal with Nanling to build detonators

(Agencies)
Updated: 2008-04-24 11:01

Orica Ltd, the world's top explosives maker, would invest less than A$50 million ($47 million) in a joint venture with China's Hunan Nanling Industrial Explosive Materials Co Ltd to build a non-electric detonator plant.

Orica said in a statement that it would hold a 51 percent stake in the venture, which would have the capacity to build 40 million detonators a year when the plant was completed in 2010.

Orica said the investment, which was subject to regulatory approval, would be funded by existing debt facilities.

China's $2.5 billion explosive market is growing at the rate of 10 percent per year, Orica said in a presentation slide, adding that the new venture will complement Orica's existing Weihai detonator plant in China.

China's rapid industrialisation is stoking demand for mining equipment and allied industries, benefitting companies such as Orica.