SMM, Jan. 4: Shengtun Mining announced on December 29, 2017that it intends to subscribe for a 25 per cent stake in United Mining Investment Co., Ltd. (Consolidated Nickel Mining Ltd,) with a wholly owned subsidiary, Shengtun Shanghui Co., Ltd. (hereinafter referred to as "CMI"). With a price of $0.53 per share for a total of $6 million, Shengtun Mining became the second largest shareholder in CMI after the subscription. Shengtun Mining this subscription will be conducive to the company to expand upstream resources, expand the industry.
The total reserves and resources of the copper-cobalt deposit are 110 million tons, and the average grade Cu0.30%,Co0.05%, is expected to earn $16.4 per ton of ore. The Mnari mine has reserves of 4.0476 million tons, an average grade of Ni 0.93%, and a planned annual output of 4650 tons of nickel. subject to the availability of subsequent investment funds, it can be put into production within six months.
SMM Yan Cedar