Jilin Ji En Nickel Industry Co., China's fifth largest producer of the metal, will pay $30-million (US$24-million) for a 51% stake in Mississauga, Ontario-based Liberty Mines Inc. to secure raw resources.

In addition, about C$20 million owed to Ji En by Liberty will be paid in cash or nickel concentrate as part of an agreement approved by both companies' boards, Panshi, Jilin province-based Ji En said in a filing to the Shanghai stock exchange today.