pos and jinchuan to secure ravensthorpe, page-3

Another article out today.



Poseidon quiet on Ravensthorpe mine

16-November-09 by AAP & Rebecca Lawson


Poseidon Nickel is remaining tight-lipped over its intentions regarding BHP Billiton's Ravensthorpe nickel operation as Canada's First Quantum Minerals declines to confirm its in the race.

A spokesperson told WA Business News that he could neither confirm nor deny whether Subiaco-based Poseidon was running the ruler over the operation, which has been out of production since February.

Poseidon's possible entry in the Ravensthorpe race follows reports published in newspapers today that Canada's First Quantum Minerals had emerged as a contender.

First Quantum predominately dabbles in copper and its Australian link is to Perth-based Equinox Minerals which operates the Lumwana copper mine in the Democratic Republic of Congo.

First Quantum today declined to confirm reports it wants to buy the nickel mine.

"No comment," a spokeswoman at First Quantum's West Perth branch told AAP.

Other contenders include Minara Resources, which is currently exploring various funding options, and China Metallurgical Group.

Last week it was revealed that China's largest nickel producer Jinchuan Group had not been asked by BHP to participate in the next stage of the Ravensthorpe sale process.

Final bids for Ravesnthorpe are believed to be due on November 25. Merrill Lynch is managing the sale process.

A BHP spokesperson told WA Business News that the company continues to receive considerable interest in Ravensthorpe.