| |
| Canada Zinc advance B.C. mine project with funds from Chinese metal company |
|
| Code:MFN002773 Prpduct:Zinc Date: 2010-07-28 |
Chinese state-owned company is investing $18 million in Canada Zinc Metals Corp. which will use proceeds from the sale of common shares and warrants to advance its Akie zinc-lead property in northeastern British Columbia.
Tongling Nonferrous Metals Group Holdings Co. Ltd. will buy about 31.4 million equity units from Canada Zinc for 57.35 cents each. Each unit will consist of one common share and half of a purchase warrant.
The Chinese company, will own about 36 per cent of Vancouver company's equity following the transaction — assuming it gets the necessary approvals.
Based in Tongling, Anhui, Tongling Nonferrous is a state-owned holding company that mines and processes copper, lead, zinc, gold, silver and other non-ferrous and rare metals. It is one of China's largest copper smelting companies.
"We are extremely pleased to see this level of investment by Tongling," said Peeyush Varshney, chief executive of Canada Zinc Metals.
"Earlier this year, Tongling retained a leading international mining consulting firm to complete an independent due diligence review of the work we have done on the Akie property to date and, clearly, a very positive report was produced."
The Akie zinc-lead property is within a formation known as the Kechika Trough. Canada Zinc also controls a large group of claims in the area.
A joint venture of Teck Resources and Korea Zinc have two similar deposits about 20 kilometres to the northwest. |
| |
|
|
|
|
|
|
|
| 06 Sep 2010 | | | Cash Ask | 3M Ask |
|---|
| Copper | 7660.50 | 7675.00 |
| Aluminium | 2148.50 | 2179.00 |
| Zinc | 2146.00 | 2176.00 |
| Lead | 2160.00 | 2175.50 |
| Nickel | 21910.00 | 22000.00 |
| Tin | 21375.00 | 21400.00 |
| Al.Alloy | 2281.00 | 2170.00 |
| NASAAC | 2090.00 | 2120.00 |
| Steel Billet | 508.00 | 520.00 |
| Cobalt | 39501.00 | 41000.00 |
| Molybdenum | 35500.00 | 36000.00 |
|
|
 |
|
|
|
|
2010-09-06 |
|
| PRODUCT |
BID
(US$/TON) |
ASK
(US$/TON) |
2B Coil-OCT |
3,300 |
3,380 |
No.1 Coil-OCT |
3,120 |
3,200 |
2B Coil-DEC |
3,300 |
3,380 |
No.1 Coil-DEC |
3,120 |
3,200 |
|
|
|
|
|
|
|
MetalFirst China Average:
US$16.025/lb
As of Sept. 3, 2010
(updated weekly)
MetalFirst Average:
US$16.10/lb
As of Aug. 31, 2010
(updated twice weekly)
|
|
|
|
