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Funds raised for Sconi

27th August 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Australia Mines has received firm commitments to raise A$5.2-million through a share placement to institutional, sophisticated and professional investors.

The placement will consist of 290.1-million shares, and will be priced at 1.8c a share, with the shares issued under the company’s existing placement capacity.

“I am delighted with the support by domestic and offshore institutional investors for the company and its strategy through their participation in this placement. It is another strong endorsement of the potential of Australian Mines’ 100%-owned Sconi project to become a globally significant producer of battery materials,” said MD Benjamin Bell.

“Proceeds from the share placement will be used to support our work to develop Sconi, and strengthen our balance sheet, as we progress our ongoing discussions with potential offtake and financing partners,” Bell said,

The A$1.5-billion two-million-tonne-a-year Sconi project will produce some 7 000 t/y of cobalt sulphate and 46 800 t/y of nickel sulphate over a mine life of 30 years.

Edited by Creamer Media Reporter

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