Last Updated :
27 April 2009 at 09:45 IST
ENK gains on fund infusion
Commodity Online London based European Nickel (LON:ENK) gained 14.29% at London Stock Exchange on Friday influenced by its announcement to raise US$ 6 million or £4.3 million at 6p a share as bridging finance for its Caldag nickel project in Turkey.
ENK is focused on finding and evaluating nickel laterite deposits that are amenable to developing these deposits into commercial mining and processing operations.
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ENK’s recently initiated a £250 million agreement to fund Caldag with its Chinese partners, Jiangxi Rare Earth and Rare Metals Tungsten Group (JXTC) and China Tianchen Engineering Corporation.
Under that agreement JXTC shall acquire 20% for £14.5 million and will also buy half of Caldag’s nickel output.
European Nickel touched a 52-week high of 19.5 & low of 2 while it gained 8.84% in preceding 30 days.
Nickel is currently traded at an offer price of 11405 per tonne on London Metal Exchange.
NCDEX GARSEDJDRJUN12 20 June 2012
contract was trading at
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