Toronto, Canada — MININGREVIEW.COM — 28 January 2010 – A Toronto-listed metals explorer “’Tanzanian Royalty Exploration “’ has announced that China’s Jinchuan Mining has agreed to become a partner in its Kabanga nickel properties in northwestern Tanzania.
The announcement released here said Jinchuan would act as operator and hold financial responsibility for all exploration activity on the nickel exploration licences, following an option agreement with Beijing Songshanheli Mining Investment. Songshanheli had previously held the properties under an agreement with Tanzanian Royalty.
“Exploration is expected to begin on the properties early this year,” Tanzanian Royalty said.
“The Chinese companies will hold a right to earn an interest in the project in exchange for funding exploration,” it added.
Jinchuan is China’s largest nickel producer, and plans to raise its production by two-thirds within five years.
The Kabanga properties are located to the north of a large nickel sulphide project “’ also called Kabanga “’ owned by Canada’s Barrick Gold and Anglo-Swiss miner Xstrata.
Barrick “’ the world’s largest gold miner “’ said recently that it considered its stake to be a non-core asset that it would consider selling.