Market and product
European Nickel to open Turkey mine in 2012
Speaking to journalists in Perth, deputy executive chairperson Simon Purkiss said that the final project financing required for the project would be in place by the end of this year, with construction of the $428-million project expected to take around 12 months.
The company still needed to raise around $200-million, but Purkiss said that there has been “significant interest” from several parties.
On Tuesday, the Perth- and London-based nickel producer announced that it would raise $60-million through a strategic partnership with Constantia Resources, an affiliate of Canada’s Hunter Dickinson group.
The Çaldağ project is European Nickel’s flagship asset, and was said to be one of the largest foreign direct investments in Turkey’s mining industry.
With proven Joint Ore Reserves Committee (Jorc) reserves of 33,2-million tons at 1,13% nickel, the mine is targeting 20 000 t/y of nickel production over a 14 year life-of-mine.
Meanwhile, Purkiss said on Wednesday that European Nickel would complete the feasibility study for its Acoje project, in the Philippines, by the end of next year.
Acoje was expected to come on line within 12- to 18-months of Çaldağ.
The project costs for Acoje were estimated to be in the region of $500-million, and would boost European Nickel’s production to 45 000 t/y nickel laterite.
This, Purkiss said, would make the company one of Australia’s largest nickel producers.
The Acoje project has a Jorc resource of 34,41-million tons, at 1,09% nickel. The project was likely to produce around 24 500 t of nickel laterite a year, over a life-of-mine of ten years.
(Source: miningweekly.com)
