28th Nov 2008 07:00
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ALBIDON LIMITED |
Level 1 |
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62 Colin St |
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West Perth 6005 Western Australia ARBN 107 288 755 Tel:+6189211 4600 Fax: +6189211 4699 Email:[email protected] ASX Code: ALB AIM Code: ALD |
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28 November 2008
ALBIDON AND JINCHUAN - STRATEGIC PARTNERS
Albidon Limited ("Albidon") and Jinchuan Group Limited ("Jinchuan") continue to have a strong strategic partnership. Since entering into a "life of mine" offtake agreement for 100% of the nickel concentrates produced from the Munali Nickel Mine, both parties have worked closely together to strengthen this relationship.
Jinchuan continues to buy Albidon's nickel concentrates as per the offtake agreement, contrary to recent media reports.
Albidon is assisting Jinchuan in finalising transportation logistics in Africa.
Albidon and Jinchuan will continue to look jointly at other projects in Africa.
Jinchuan recently demonstrated its strong support through their commitment to provide an additional US$5 million in equity to contribute to the Munali Nickel Mine's working capital needs during commissioning.
Jinchuan's provision of US$5 million in equity and conversion of US$5 million of subordinated debt will result in an 18% interest in Albidon and a right to nominate a director to Albidon's Board.
Recent press reports have referred to problems with payments for concentrate delivered to Jinchuan from the Munali Nickel Mine. These reports are incorrect and without substance.
If you have any queries please contact the Managing Director, Dale Rogers on +61 8 9211 4600 or email info@albidon.com.
Albidon's nominated adviser is RFC Corporate Finance Ltd, contact Stephen Allen +61 8 9480 2500.
Additional information may also be viewed on Albidon's website at www.albidon.com
Related Shares:
ALD.L