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.
Quadra FNX Mining (TSX:QUX) has updated the resource at its Victoria Mine in Ontario, Canada.
The Canadian copper and nickel producer was recently bought out by Polish miner KGHM for $3.5 billion.
The company said infill drilling at its Victoria project has upped the resource from 12.5 million tonnes to 14.5 million, a 16% increase. The grades are 2.2% nickel, 2.3% copper, and 8.5% total precious metals (TPMs).
Quadra FNX said its annual 2011 production was within guidance at 220 million pounds of copper, 10 million pounds of nickel and 103,000 ounces of TPMs. With the exception of TPMs, the fourth quarter production numbers were up from the same period in 2010.
Quadra FNX has operating mines in Ontario, Arizona, Nevada and Chile, where the company is also developing the Sierra Gorda copper-molybdenum mine.
