Jilin Nickel Industry Group, Guangdong Huachuang Group and Canadian Chemical Vapour Metal Refining Inc. (CVMR) signed an agreement on cooperation Saturday in Changchun, capital of northeast China's Jilin Province.

According to the agreement, CVMR and Huachuang Group will invest 68 million yuan (8.40 million US dollars) to organize Jilin Nickel Industry Group. The new company will have 320 million yuan (39.51 million US dollars) of assets after the reorganization.

The new company will consolidate the non-ferrous metal resources in Jilin Province. With technology renovation, the company is expected to yield 6,000 tons of hydroxy-Ni, 50,000 tons of nickel sulfate and 2,000 tons of hydroxy-Fe annually.

Jilin Nickel Industry Group owns China's largest nickel compound production base and the second largest molybdenum ore resources in Asia.

CVMR is a Canada-based vapour metallurgy processing company with state-of-art technologies and expertise in recovering and separating metals from ores, concentrates, slurries, or wastes. Huachuang Group is a major supplier of nickel and electro-plating chemical materials in China.