Albion has raised $15 million to aid the development of a nickel mine in Zambia that will produce 15,000 oz of platinum group metals (pgm) every year.

A share placement to Jinchuan Group will allow the firm to develop the mine which hopes to start producing later this year.

Jinchuan Group is China's biggest nickel refiner and bought 5,084,746 shares in the Australian firm, Reuters reports.

As well as producing pgm the mine will yield 8,600 tonnes of nickel, 1,400 tonnes of copper and more than 400 tonnes of cobalt annually.

Jinchuan has been keen to invest in overseas firms and agreed a deal in January with Fox Resources as well as buying a 10.4 per cent stake in Allegiance Mining last year.

The Chinese firm is also planning to pay Tyler Resources $214 million cash for Mexico's largest untapped copper-zinc deposit.

Source:

Miner Albidon gets $15mln via Jinchuan issue, 27/02/08
http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSSYD7652320080228

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