Metals Finance ponders a play for Lucky Break
PERTH (miningweekly.com) – ASX-listed junior Metals Finance has signed an option agreement with fellow-listed Metallica Minerals to acquire its Lucky Break nickel project, in North Queensland.
The project was expected to have a life-of-mine of some ten years, producing some 60 000 t/y of ore during the first six years of operation and some 100 000 t/y over the remainder of the project life.
Lucky Break was estimated to have a net present value of A$22-million and an internal rate of return of 40%, with the mine producing some 670 t/y of nickel cathode and generating yearly revenues of around A$18-million.
Metals Finance, through its wholly owned subsidiary Nickel Developments, currently has the exclusive rights to acquire the project from Metallica for A$1-million.
The option agreement enabled Nickel Developments the ability to acquire the project through to the end of February next year.
The subsidiary has undertaken extensive testwork at Lucky Break, including laboratory analysis, along with the construction and operation of a pilot plant facility. Furthermore, the junior has designed and implemented a hydrometallurgical flowsheet that could economically process nickel laterite ores.
Metals Finance said on Friday that the option agreement over the Lucky Break project was a step forward for Nickel Developments, as it sought to attract project funding and start construction and development at the operation.
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