British miner European Nickel announced on Friday it has merged with Australia's Rusina Mining to create a "financially stronger company" in an all-share transaction at a 15.5% premium over Rusina's shares. The new miner will develop projects in Turkey, Albania and the Philippines, where both companies were already partnered at the Acoje nickel prospect.
The combined company will hold a resource base of 1.35 million tonnes of contained nickel and a medium-term nickel production target of 50,000 tons per year.