Asian largest nickel producer in China's Gansu province Jinchuan Group has come to terms with a Canadian resource corporation Tiomin for acquiring 70% stake of the corporation's Kenya-based subsidiary at a cost of USD250m and taking over its Ti ore exploration project in Kwale district.

The district has 254 million tonnes of mineral deposit.

Tiomin has not been able to start operation after getting the access to mine in the district, on failing to deal with the local dispute about moving compensation with the local residents, coupled with difficulty in finance.

According to the agreement, the deal will be capped before Nov 1st and from then on Jinchuan will officially start the operation of the business in the mine.

(Source: www.xinhuanet.com)