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JPX Global, CGrowth enter joint venture for sand, gravel operation

Posted By Amanda Bayhi On June 25, 2013 @ 4:37 pm In Aggbeat Online,News | No Comments

(Photo: sandbergingrid / Flickr) [1]

(Photo: sandbergingrid / Flickr [2])

JPX Global has entered into a joint venture with CGrowth Capital to extract and sell sand and gravel from a pit in Colville, Washington, according to a report from the Wall Street Journal [3].

The initial contract allows JPX to remove 49,900 cubic yards of material from the 15-acre Chewelah Community Pit for a potential gross value of more than $640,000.

JPX is working with CGrowth and the Bureau of Land Management (BLM) to increase the amount of extracted material to 2 million cubic yards over a 5-year period.

The contract requires JPX to pay $350,000 in working capital to the project within 30 days of entering the joint venture. JPX has paid $50,000 toward initial start-up expenses.

CGrowth will oversee and provide operational, on-site and sales support for the operation.

JPX will receive 51 percent of net proceeds, while CGrowth will receive 49 percent.

For more information, visit jpxglobalinc.com [4].

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URL to article: http://www.aggman.com/jpx-global-cgrowth-enter-joint-venture-for-sand-gravel-operation/

URLs in this post:

[1] Image: http://www.aggman.com/files/2013/06/650051513_65988975d1_o1.jpg

[2] sandbergingrid / Flickr: http://www.flickr.com/photos/8556405@N08/650051513/

[3] according to a report from the Wall Street Journal: http://online.wsj.com/article/PR-CO-20130620-909257.html

[4] jpxglobalinc.com: http://www.jpxglobalinc.com/index.html

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