China Coal Prices Unchanged; Eyes on China Drought

SHANGHAI, Apr. 8 -- Reuters reported that China Jinchuan Group has offered CAD 150 million in cash to acquire Canadian junior nickel miner Crowflight Minerals Inc, driving Crowflight's shares up by 44%.
Crowflight said in a statement that the deal would see Jinchuan take control of Crowflight's Bucko Lake nickel mine in Manitoba. The company said the offer values it at about 26 Canadian cents a share, based on current shares outstanding. This represents a 53% premium on the company's closing share price.
Shares of Crowflight, which is 26% owned by Switzerland's Pala Investment Holdings, were up by 7.5 Canadian cents at 24.5 Canadian cents shortly after the deal was announced.
The offer is premised on Jinchuan obtaining 100% of the output from the Bucko Lake mine and any other Crowflight exploration properties that are subsequently put into production. The move is the latest of several recent moves by Chinese companies to gain partial or full control of Canadian mining assets to lock in supply of base metals.
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