China's Jilin lifts Metallica Minerals stake to 19.95pc

METALLICA Minerals said its largest shareholder, China's Jilin, has increased its stake to 19.95 per cent from 15.1 per cent.

This follows a recent off-market transaction where Jien Mining, the Australian-based subsidiary of Jilin HOROC Nonferrous Metal Group, bought all Metallica shares previously held by Kagara.

Metallica, a minerals explorer, has invited Jilin, a nickel and copper producer, to take up a position on the board.

"Metallica and Jilin have had respective site visits to each company's nickel-cobalt projects and operations and have been involved in discussions for mutual co-operation over the past year or so, and look forward to progressing their mutual business interests and investigating new nickel-cobalt processing technologies and general business strategy," a Metallica statement said.

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