Chinese nickel company takes control of Liberty Mines

 China's Jilin Jien Nickel is making a $30 million investment in Liberty Mines to take a 51 per cent stake.
The Edmonton nickel miner is focused on exploration and development of its nickel, copper and platinum group metal properties in Ontario. The company owns and operates the Redstone nickel concentrator near Timmins.
In an April 14 statement, Liberty president Gary Nash said having their Chinese partners on board "will firm put (Liberty) on the path to become a mid-tier producer of nickel. It is also encouraging to note that, despite the current downturn in the commodity markets, our Chinese partners have a long term interest in nickel and cobalt resources."
Liberty announced Feb. 19 it did not have sufficient funds to meet its near term financial obligations. The corporation had ceased trading for failing to file its financial statements by March 31.
Management has worked since last July to arrange financing through many North American and European financial firms. Liberty said the Jilin Jien arrangement was the only financing package obtained that resolved the loan payout and their payables owed.
The financing is subject to government or regulatory approvals that are required such as those from the Chinese government and the Toronto Stock Exchange.