Chinese Company Says Bid for Canada Nickel Deal Gets Green Light

May 26, 2009

Ji'en Nickel Industry will partner with Goldbrook Ventures

China's Ji'en Nickel Industry said on May 26 Chinese regulators had approved a partnership with Canadian mining company Goldbrook Ventures for nickel exploration in Canada.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.

The Chinese miner said it planned to invest 248 million yuan (US$36 million) in mining projects at Goldbrooks' Raglan property in northern Quebec. In return for the payment Ji'en will gain a 50% share of revenue from exploration and development of the 891,000-acre 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 globalization strategy," a company official said.

Ji'en also announced that it has acquired a controlling stake in Canadian Liberty Mines for 165 million yuan. Earlier this month the company $3.93 million for a 19.9% stake in Australia-based Metallica Minerals, making it the largest shareholder.

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