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The company is exploring for nickel deposits on its Langmuir property near Timmins, Ontario; for nickel-gold-copper on its Cleaver and Douglas properties; and for molybdenum and rare earth elements at recently acquired Desrosiers property.
Message: DJ China Reserve Agency To Buy Up To 30,000 Tons Nickel-Sources
DJ China Reserve Agency To Buy Up To 30,000 Tons Nickel-Sources
BEIJING, Mar 02, 2009 (Dow Jones Commodities News via Comtex) -- China's State Reserve Bureau plans to buy up to 30,000 metric tons of nickel to support falling domestic prices, mostly from major producer Jinchuan Group Ltd., an analyst with a Beijing metals consultancy said Monday.
The time frame of the stockpile purchase is not yet known, but nickel was conspicuously added to the national Nonferrous Metals Industry Revitalization Plan approved by the Chinese cabinet last week, said the analyst, who said she has had some direct discussions on the issue with bureau officials.
Jinchuan is the country's largest nickel producer by far, the analyst said. Nickel is largely used to make stainless steel.
The analyst said the initial reserve proposal broached last week was for 30,000 tons of nickel, which amounts to 4.4% of last year's total domestic production, but the bureau may eventually buy less.
Other market participants said they had picked up similar news of the bureau's latest acquisition plans, which have to date included aluminum, zinc and copper.
-By Chuin-Wei Yap, Dow Jones Newswires; 8610 6588 5848; chuin-wei.yap@dowjones.com
(END) Dow Jones Newswires
03-02-09 0405ET
Copyright (c) 2009 Dow Jones & Company, Inc. 
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