ALBIDON LOOKS TO NEW PARTNERS FOR MUNALI NICKEL MINE

Australia-based mining giant, Albidon Limited are searching for new partners for its Zambia operations at Munali Nickel mine.

Zambia’s sole nickel mine shut-down earlier a fort-night ago and was placed on care and maintenance after experiencing cash flow problems.

But now, Albidon company spokesperson has disclosed that the mine will resume production in January after completing the ongoing restructuring programme.

According to the Dow Jones Newswires, Albidon is seeking a suitable investment partner to recapitalize the mine by the end of next month.

 December," the official said, after company executives of Australia-based Albidon Ltd. , owners of the mine, informed union officials earlier this week of the decision.

The company spokesman has claimed that Albidon is committed to resuming full operations at Munali and prevent mass job cuts in Mazabuka, a town, south of Lusaka, which hosts the nickel mine.

Albidon, whose current partners in the mining venture are Jin-Chuan group of China, halted operations at Munali earlier this month, citing cash flow problems caused by lower global nickel prices, and has been dogged by mining disruptions all year.

Although the company has since repatriated all the Chinese employees at Munali, it has retained at least 500 Zambian miners.

In August, Albidon applied for a trading halt on the Australia Stock Exchange, pending an announcement regarding operational disruptions identified at Munali, its only nickel-producing project.

Previously, Munali had halted operations in 2008, only to restart output last year after China's state-owned Jinchuan Group International Resources Company acquired a 51 per cent stake in Albidon.

Munali has the capacity to produce at least 60,000 metric tons of nickel concentrates every year.