PMEA Blog

TOKYO, Aug 19, 2009 (Dow Jones Commodities News via Comtex) — STMNF | Quote | Chart | News | PowerRating — Sumitomo Metal Mining Co. (5713.TO) said Wednesday that it has bought a 16.5% stake in Nickel Asia Corp. of the Philippines for about $39 million, as it seeks to boost its global competitiveness.

The Tokyo-based company considers the alliance to be the formalization of an existing relationship with Nickel Asia. An example of this is the provision of ore by a Nickel Asia subsidiary, Rio Tuba Nickel Miming Corp., to Sumitomo’s Philippine-based nickel refinery joint venture, Coral Bay Nickel Corp.

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