Tuesday May 26, 07:05 AM
China's Ji'en says Canada nickel deal bid approved
SHANGHAI, (AFP) - China's Ji'en Nickel Industry said Chinese regulators had approved a partnership with Canadian mining (CNG.V - news) company Goldbrook Ventures (GBK.V - news) for nickel exploration in Canada.
The Chinese miner said it planned to invest 248 million yuan (36 million dollars) in mining projects at Goldbrooks' Raglan property in northern Quebec, according to a statement filed with the Shanghai Stock Exchange.
In return for the payment Ji'en will gain a 50-percent share of revenue from exploration and development of the 891,000-acre (360,000-hectare) property over the next three years.
"The rich copper and nickle resources in (the) Raglan mining areas will provide opportunities for sustainable development and benefit the company's globalisation strategy," a company official told the state-run China Securities Journal.
Ji'en, based in northeast China's Jilin province, is one of the country's largest nickel producers and has been actively scouting for overseas resources.
It also announced on Tuesday in a separate statement that it has acquired a controlling stake in Canadian Liberty Mines for 165 million yuan.
The Chinese firm also announced earlier this month that it had paid 3.93 million US dollars for a 19.95 percent stake in Australia-based Metallica Minerals, making it the largest shareholder.
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