Jinchuan to buy stake in Australian miner
9 January 2008
Jinchuan Group, China's largest nickel refiner, agreed to buy an 11% stake in Australian nickel miner Fox Resources for US$15.5 million, Reuters reported. Jinchuan will pay US$0.84 a share for the stake, a 14% premium on Fox's last closing price. The investment will allow Fox to further develop its nickel mining projects and exploration work, while securing an overseas supply source for Jinchuan. This is the latest in a series of announcements by Jinchuan, which said on Monday it would pay US$214 million for Canadian mining firm Tyler Resources.
Bookmark and Share:
