China top tin producer buys 5 pct of Metallicaadmin
June 1, 2007 Filed Under: Bauxite Mining, Platinum Group Metals
Metallica Minerals Limited said on Friday that top Chinese tin producer Yunnan Tin Group’s unit in Australia had agreed to buy a 5 percent stake in it for A$5.9 million ($4.0 million).
The unit would buy 5.38 million shares in the Australian firm, which invests in Nornico and Lucky Break nickel projects in the country.
The company also owns 40 percent of Cape Alumina Pty Ltd., which plans to mine bauxite in Australia and is partly owned by Chinese alumina producer Chiping Xinfa Huayu Alumina Co. Ltd.
Yunnan Tin produces tin in China and overseas, including Singapore through listed Yunnan Tin Co. Ltd. . It also produces nickel and precious metals in China through listed Sino-Platinum Metals Co. Ltd. .
The tin producer joins other Chinese firms, including top nickel producer Jinchuan Group Ltd. and top stainless steel producer Taiyuan Iron and Steel, in the hunt for overseas nickel resources to feed strong domestic demand. ($1=1.209 Australian Dollar)
Information from: Reuters via Yahoo News