Sarissa Resources Inc (SRSR)

[sage4]

Magris still looking other assets..........
I hope we could be one of them.

Toronto-based Magris Resources, led by former Barrick Gold Corp chief executive Aaron Regent, is one of a handful of private-equity-backed firms that have been scouting for deals in the mining sector recently. The acquisition signals there is still active interest in finding bargains in the industry, which has been battered by a slide in metal prices.

The Niobec mine is one of the world's few producers of niobium, a metal with superconductive properties. It is used to make alloys for jet engines, and also used in medical devices, mobile phones and to strengthen steel.

"We like the fundamentals in the niobium market," Regent told Reuters. "It's a consolidated market with stable pricing and good growth due to the demand for high strength steel."

"We see it as an asset that will generate a lot of free cash flow and it's a good base asset to build a portfolio around," he said. "We're still in the market looking at other assets and our partners on this deal are aligned in that objective."

Magris is acquiring the mine in partnership with Singapore's Temasek Holdings and CEF Holdings, a Hong Kong-based investment company owned by Canadian Imperial Bank of Commerce and billionaire Li Ka-shing's Cheung Kong Holdings Ltd .

From Yahoo news