News & Features, Nickel, Resource News
Albidon Wants Bigger Stake in Jinchuan’s Nickel Mine, Post Says
By Bloomberg · August 10, 2011 · 3:37 am · Leave a Comment
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By Anthony Mukwita
Albidon Ltd. (ALB) wants to increase its stake in Munali Nickel, the Zambian mine that is 51 percent owned by Jinchuan Group Ltd., the Post reported, citing unidentified officials at the Australian company.
A pressure group called Action Albidon, led by the Australian investors, has been formed to spearhead the fight for a bigger share of Munali, the Lusaka-based newspaper said. Jian- Hua Sang, the chief executive officer of the mine, has resigned as a result of the “power wrangle,” it said.
Albidon expressed concern that accidents at the mine have cut forecast nickel production to 44,000 metric tons this year from 56,000 tons last year, the newspaper said. Jinchuan has invested about $37 million in Munali since it acquired a majority stake in 2008, the Post said.
Munali Nickel Assistant Manager Tony Weber didn’t answer his mobile phone when Bloomberg called him twice today seeking comment.
