PERTH (miningweekly.com) – Junior iron-ore producer NSL Consolidated has welcomed a A$5-million strategic equity investment by Australian financial institution First Samuel.
NSL told shareholders on Wednesday that the investment would provide the company with additional working capital as the Phase 2 wet beneficiation plant progress at its Indian iron-ore projects progressed to nameplate capacity by the end of October.
The Phase 2 wet beneficiation process would allow NSL to produce a high-grade premium iron-ore product grading between 58% iron and 62% iron, with a production of about 200 000 t/y targeted.
The capital would also allow for the ramp-up of mining operations to support the growing wet plant feed requirements, and would provide funding for the immediate Phase 3 expansion project to 400 000 t/y.
“This significant investment by First Samuel underpins our longer-term production growth profile,” said NSL MD Cedric Goode.