Jinchuan Group Looks Set to Take Full Ownership of Zambia's Munali Nickel Mine

SHANGHAI, Apr. 3 (SMM) – The Metal Bulletin reported that Jinchuan Group has offered to buy the remaining stakes in Australian-listed Albidon, owner of the Munali nickel mine in Zambia

Albidon shut down its flagship Munali nickel mine in Zambia in November 2011 due to financing difficulties. Jinchuan Group, which already holds a 49.93% stake in Albidon, has offered USD 0.0025 cash per Albidon share to non-Jinchuan shareholders. Albidon has urged other shareholders to accept Jinchuan Group’s offer as soon as possible.

The Munali nickel mine’s nickel concentrate capacity is 10,000 mt/yr, and its service life is 10 years. (Edited by SMM)