A subsidiary of Vancouver's Belvedere Resources Ltd. (TSX-V:BEL) has bought a mill and concentrate facility in eastern Finland for roughly $2 million.
Finn Nickel Oy's acquisition of a 35-hectare property consisting of a tailings dam and assay laboratory will help expand Belvedere's production capacity at Belvedere's nickel projects in eastern Finland.
Under the deal, Belvedere will pay approximately $1.68 million for the property and about $420,000 in European value-added taxes. The company will also pay a royalty on the first 7,000 tonnes of nickel and copper concentrate produced at the site.
Belvedere is a nickel exploration and production company with assets throughout Finland. It produces 2,200 tonnes of nickel concentrate annually from its Hitura nickel mine in western Finland.
Belvedere's share price range during the past week: between $1.16 and $1.35; 52-week high: $3; 52-week low: $0.47.