Jien Nickel increases stake in Metallica

Nickel producer Jilin Jien Nickel Industry Co Ltd has increased its stake in Australian miner Metallica Minerals to 19.95 percent from 15.1 percent by acquiring 22.85 million shares at a cost of A$5.16 million to secure its overseas resource supplies.

The Chinese firm acquired the shares through its Australian subsidiary Jien Mining at an average share price of A$0.2259, it said in a filing to the Shanghai Stock Exchange.

With this Jien has become the largest shareholder in Metallica. Last month it acquired the Metallica shares held by Kagara Ltd.