Jinchuan expedites Kenyan sands project with C$10,9m investment in Tiomin
Jinchuan is investing about C$10,9-million in Tiomin by acquiring 72 521 134 common shares of the company at C$0,15 a share.
This investment significantly strengthens Tiomin’s cash position to about C$32-million and increases Jinchuan’s equity ownership of Tiomin to 20%. Tiomin has granted Jinchuan an 18-month option to increase its interest in Tiomin to 30% by subscribing for addi- tional common shares at a price of C$0,35 a share, raising an addi-tional C$17-million in new cash resources, if exercised. The financing is subject to regulatory and Tiomin shareholder approval.
Tiomin chairperson and CEO Jean-Charles Potvin comments, “Jinchuan and Tiomin are united in their desire to jointly develop Kwale. This financing begins what we hope is an accelerated development programme with potential cost savings by maximising Chinese content. “Jinchuan is a world-class mining company with extensive project development experience and it is an ideal partner for Tiomin and Kenya. This agreement is a very logical step as we build Tiomin into a global titanium producer and it confirms our belief that the Kwale project has significant merit that is not recogni- sed in Tiomin’s share price. Our stronger balance sheet and the support of Jinchuan will enable Tiomin to pursue the acquisition of additional titanium assets worldwide.”
Jinchuan is the largest producer of nickel, cobalt and platinumgroup metals (PGMs) in China, combining mining, milling, smelting and refining, and chemical engineering operations.
The output of nickel and PGMs is 88% and 90% respectively of total Chinese production.
Mining Weekly reported in February that Tiomin had halted the development of the Kwale mineral-sands project. Tiomin investor relations head Laurie Gaborit said at the time that seven farmers had taken Tiomin to court as they refused the compensation being offered by the government of Kenya, causing the delay.
China takes stake in Fox Resources
(Source: The Australian)
Dow Jones Newswires | January 09, 2008
FOX Resources said today China's Jinchuan Group has entered into an agreement to take an 11 per cent stake in the nickel junior.Jinchuan is to subscribe for 18.8 million ordinary Fox shares (ASX: FXR: quote) at an issue price of 95 cents and will be issued a further 8 million options exercisable at $1.20.
"We have been supplying Jinchuan for over three years with nickel and copper from our Pilbara operations and believe this expanded relationship is a great win not only for our two companies, but our collective shareholders," Fox chairman Terry Streeter said in a statement.
Fox said a Jinchuan representative will be invited to join the board when the share issue is finalised.
The funds raised from the deal will go toward the development of Fox's nickel projects and the acceleration of exploration at its tenements.
Shares of Fox were up 2.4 per cent to 85 cents by mid-afternoon in a broadly weaker market. The benchmark S&P/ASX 200 Index was down 0.9 per cent.
Albidon raises 45 mln usd from Jinchuan, ZCCM Investments, Barclays Capital
Published on : Thu, 10 Jan 2008 08:41
By : Agencies
URL : http://www.abcmoney.co.uk/news/142007183233.htm
LONDON (Thomson Financial) - Albidon Ltd said it has raised 25 mln usd via a placing with Jinchuan Group Ltd and ZCCM Investments Holdings PLC at 2.95 usd per share, and a further 20 mln usd in financing from Barclays Capital, provided on the same terms as their initial tranche of funding.The company said the money raised fulfils the remaining funds required for development of its Munali nickel project in Zambia and will also ensure that it retains sufficient funds for exploration, drilling and business development.Albidon said the construction of its Munali concentrator plant is scheduled to be completed in the middle of the second quarter of 2008.In a separate statement, the mining company also said the initial drilling results at its Chisebuka uranium project have confirmed the presence of significant grades and thicknesses of near-surface uranium mineralisation.
Copyright Thomson Financial News Limited 2007. All rights reserved.
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