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China eyes asset

WE hear that a contingent of eight from China Shandong Jinshunda had a close look last week at the mothballed Hillgrove antimony-goldmine in NSW owned by Straits Resources (SRQ).

Hillgrove is about 100km from the Wild Cattle Creek antimony deposit owned by Anchor Resources (AHR), which Jinshunda is trying to take over, although it has so far acquired only 6 per cent of the target.

Anchor has thought about combining the two operations using the existing plant at Hillgrove, so perhaps the Chinese have the same in mind. China produces 90 per cent of the world's antimony. The metal, whose main use is as fire retardant, has been making huge price gains, up from about $US4000 a tonne in 2009 to nearly $US15,000 a tonne now.