June 11, 2010 (FinancialWire) — Cavico Corp. (NASDAQ: CAVO), an infrastructure development company based in Vietnam, said that its majority owned subsidiary, Cavico Infrastructure Development, has signed a joint venture agreement with the Investment and Exploitation of Natural Resources Joint Stock Co., to invest, exploit and market construction stones from Hang Co Mine.

According to the agreement, Cavico Infrastructure is responsible for exploiting, processing and marketing the stones and IERC will be responsible for administration of the joint venture and obtaining licensing approvals.

The parties have agreed to split the revenues. IERC will receive $0.40 for every cubic meter of stone exploited, processed and sold by Cavico Infrastructure. Cavico Infrastructure will retain the remaining revenue, which it anticipates to be around $9.5 million.

Cavico Infrastructure also has signed an agreement with IERC to exploit and market construction sand in the Doc Du area, in Vinh Tan village, Binh Thuan province.

Hang Co Mine is located at Vinh Tan village, in the province of Binh Thuan, which is in south central Vietnam. The quarry will be the main provider of construction stones to the Vinh Tan thermoelectricity plant.

Vietnam-based Cavico is focused on large infrastructure projects, which include the construction of hydropower facilities, dams, bridges, tunnels, roads, mines and urban buildings.

The firm is also making investments in hydropower facilities, cement production plants and urban developments in Vietnam. The company has offices throughout Vietnam and a satellite office in Australia.

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