April 08, 2010

China Wants Canada's Nickel

Chinese mining and metallurgical conglomerate Jinchuan Group Ltd. wants to acquire Crowflight Minerals Mining Company of western Canada. Jinchuan is offering just under $150 million (US dollars) for Crowflight, a hefty premium on its Toronto listed shares. Crowflight operates nickel mines in Manitoba. Nickel is at two year highs over $24,000 per ton mostly on Chinese demand. Two thirds of nickel demand is driven by the stainless steel industries. Jinchuan Group began in 1958 with the development of nickel mining at a huge deposit in the Hexi corridor of Gansu Province in western China. Some observors believe Jinchuan's acquistion may signal a new push by China to acquire more of Canada's mineral resources....

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