Jinchuan looks to extract nickel firm's assets

BEIJING - Jinchuan Group Ltd, China's largest nickel producer, has made a $150 million offer for Canadian junior nickel miner Crowflight Minerals Inc to gain its assets in Manitoba and Ontario, Canada.

Jinchuan's offer is about 26 US cents a share or a 57 per cent premium over Crowflight's 20-day average selling price on the Toronto Stock Exchange, Toronto-based Crowflight said on Wednesday in a statement.

Crowflight recently restarted its Bucko Lake nickel mine in Manitoba as the international price of the metal recovered after the financial slowdown. The company also has mineral deposits in Ontario's Sunbury basin.