Jien Canada Mining Limited has finalized its takeover of the Canadian Royalties' Nunavik Nickel Mine project, at least on paper. Jien Canada Mining Limited was issued a certificate of arrangement by Industry Canada early last week.

Last fall, Canadian Royalties’ accepted a USD 192 million offer from the new mining partnership to buy out its nickel project. A decade ago, the mineral exploration company initiated the Nunavik Nickel Project, eyeing the many metal deposits in the mineral belt west of Kangiqsujuaq and southwest of Salluit. But the company’s development plan fell apart when the price of metal dropped during 2008’s economic slowdown.

Jien Canada Mining Limited soon entered the picture, a JV between the Chinese mining giant Jilin Jien Nickel Industry Co and Goldbrook Ventures, a Canadian mining company.

Under the arrangement, Jien Canada acquired all of the company’s outstanding common shares in exchange for USD 0.80 per share. Goldbrook now owns 25% of the voting shares of Jien Canada.

(Sourced from www.nunatsiaqonline.ca)