China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
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Anvil Mining (TSE:AVM), a copper miner based in the central Africa, tamped down speculation that it may be acquired for $1 billion.
Australian Finance Review reported that it was in serious discussion with a Chinese firm about some sort of business tie up.
Last month, Anvil announced that it started a strategic review process and the company had formed a special transaction committee to “. . . review and consider the value maximizing alternatives available to the Corporation. BMO Capital Markets has been retained to assist in this regard,” said the company in a statement.
“There are currently no developments as a result of this process to be disclosed. The Corporation cautions shareholders that there is no assurance that the review will result in any specific transaction and no firm timetable has been set for the completion of this process.”
Anvil Mining is completing the Kinsevere stage II project, a $400 million solvent extraction and electro-winning (SX-EW) plant which is expected to produce 60,000 tonnes of copper cathode per year. When completed, the Kinsevere stage II project will be Anvil’s flagship project.
