Chinese miner setting up shop in Toronto
Posted: April 15, 2008, 4:15 PM by Peter Koven
In a globalizing economy and consolidating mining industry, it was probably only a matter of time.
On Tuesday, Chinese mining powerhouse Jinchuan Group Ltd. announced it will open an office in Toronto this spring. Toronto Mayor David Miller joined Jinchuan executives in Beijing for the announcement. He is there to forge stronger relationships between the Toronto and the Chinese business communities, and this was a key step.
"The decision made by the Jinchuan Group is further evidence of Toronto's pivotal role as the major investment gateway to North America," Mr. Miller said in a statement.
Toronto's economic development staff have been trying to lure Jinchuan here for nearly a year. It is one of China's most powerful companies, producing 88% of the country's nickel output and 90% of its precious metals.
Canadian investors also got to know Jinchuan earlier this year when it agreed to buy junior miner Tyler Resources Inc. With an office in Toronto, investors will no doubt start speculating on what investment comes next
