Another hurdle has been cleared for chip fab company Advanced Micro Devices to make a move to the Luther Forest Tech Park in Malta.

On Tuesday, a U.S. panel approved a joint venture between AMD and Advanced Technology Investment Corp. of Abu Dhabi.  The new venture approved will be known as the Foundry Company.

The plan for the Foundry Company was released in October, and the plan to set up shop in Malta came after the state offered a $1.2 billion dollar incentive package to AMD in June of 2006.

At that time the copmany said the new plant in Saratoga County will employ more than 1,465 people, another 1,600 construction workers and that the combined economics of the deal could lead to 5,000 new jobs in the region.

If all goes as planned, groundbreaking takes place in mid 2009, with production beginning in 2012.