Jien Nickel Buys 19.95% of Australia's Metallica Minerals

BEIJING, May 12 -- Jien Nickel, one of China's leading nickel producers, said in a filing to the Shanghai Stock Exchange that it is now the largest shareholder of Australia's Metallica Minerals, after buying 19.95 percent of the company with A$5.16 million ($3.93 million).

    The company bought 22.85 million shares of the Metallica Minerals at a price of A$0.2259 per share.

    Jien Nickel said in the filing that as it appointed only one representative to sit on the Australian miner's board, it lacks actual control on the operation of Metallica Mineral.

    Earlier in April, Jien Nickel announced raising 1.1 billion yuan ($161 million) from the market, with 600 million to be invested in mines in Canada and Papua New Guinea.

    (Source: chinadaily.com.cn)