Major Chinese investment in Queensland's Metallic Minerals
Posted: 1 June 2007
Metallica Minerals Limited has executed a share subscription agreement with the Yunnan Tin Australia Investment Holding Company Pty. Ltd, (YTA) a wholly owned subsidiary of Yunnan Tin Group (YTG).
The subscription agreement provides for YTA to subscribe for 5.38 Million Metallica shares at $1.10 per share.
This equates to 5 per cent of Metallicas expanded capital following the placement.
The Yunnan Tin group is the world’s largest producer of tin, it produces basemetals and also has subsidiaries producing nickel from the heap leaching of nickel laterite ores in Yunnan Province China.
YTG developed the worlds first commercial scale heap leach nickel operation in 2005.
YTG is also a substantial shareholder in the recently listed YTC Resources Limited (ASX-YTG), and has significant shareholdings in two listed companies; Yunnan Tin Co. Ltd and Sino-Platinum Metals Co. Ltd which are listed on Shenzhen Stock Exchange and Shanghai Stock Exchange respectively.
Yunnan Tin Group is listed as one of the top 520 largest Chinese industrial enterprises sponsored by the Chinese government.
"Yunnan Tin is a pioneer in heap leaching of nickel and has invested in Metallica after completing a site visit to Metallica’s NORNICO and Lucky Break nickel projects earlier this year," said Andrew Gillies, Managing Director of Metallica Minerals Limited.
"We welcome YTG as a strategic shareholder in Metallica Minerals and see their investment and heap leach nickel experience as a strong vote of confidence in Metallica’s nickel heap leaching projects which are advancing through feasibility study stage.
"With forecast total funds of over $10 million on hand following completion of this placement, Metallica will have more than sufficient funds to complete the NORNICO heap leaching nickel project feasibility study, and will have it’s funding needs covered for a year," Mr Gillies said.
Posted by Richard Price, Editor, EnergyME.com
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