- Write by:
-
Tuesday, March 9, 2021 - 12:19:53 PM
-
556 Visit
-
Print
Mining News Pro - Western Areas plans to raise $100 million for development of the Odysseus nickel mine, as well as for further growth at fellow Western Australia-based projects, Forrestania and Cosmos.
The company will allocate $85 million to advance Odysseus’ progress towards first production in 2023.
The remaining $15 million will be raised to strengthen the company’s exploration portfolio including Forrestania, Western Gawler in South Australia and in nickel-gold joint venture projects with Metal Hawk in Western Australia.
Western Areas managing director Dan Lougher said the capital raising would help the company remain on schedule across its developments.
“The placement supports the development of the Odysseus underground mine which is progressing well with excellent advance rates being achieved, while also providing funding for Western Areas’ exploration portfolio where we hope to make significant progress in 2021,” Lougher said.
“With greater balance sheet flexibility, the company will be able to take advantage of opportunities within the portfolio and maximise returns to our shareholders.”
Once fully operational, the Odysseus nickel project will use a shaft hoisting system with a throughput of 900,000 tonnes per annum to produce a potential 2.1 million tonnes.
The Odysseus project is part of Western Areas’ Cosmos nickel operation, 30 kilometres north of Leinster, Western Australia, and is just the latest in a list of successful operations for the company.
The Cosmos operation produced over 127,000 tonnes of nickel at an average grade of 4.8 per cent between 2000 and 2012.
Following Western Areas’ half year results last February, Lougher said his expectations for the Odysseus project remained very positive in the long-term.
“It is exciting to own the long-life Odysseus project, providing Western Areas a clear nickel mining plan into the 2030’s and beyond,” Lougher said.
Short Link:
https://www.miningnews.ir/En/News/611722
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
The Philippines said on Friday it aimed to add three more processing plants in the effort to develop a downstream ...
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
Australia will spend A$566 million ($373 million) over the coming decade to map out resource deposits with a focus on ...
Indonesia’s nickel reserves are sufficient for expanded processing operations, an investment ministry official said on ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
The US and the Philippines are in discussions over ways to prevent China from dominating nickel processing in the ...
Glencore expects profit at its trading division this year to be at the top end of its long-term annual guidance, in an ...
Eramet subsidiary SLN’s nickel mining operations in northern New Caledonia have been suspended, adding to difficulties ...
No comments have been posted yet ...