Sirius hopes for project funding by Christmas
KALGOORLIE (miningweekly.com) – Nickel developer Sirius Resources was hoping to conclude its financing and offtake agreements for its Nova project, in Western Australia, by Christmas this year.
Sirius MD and CEO Mark Bennett told journalists on the sidelines of the Diggers & Dealers conference that the company had short-listed seven banks to provide outstanding debt financing required to construct the A$473-million project.
A recently completed definitive feasibility study (DFS) on the Nova project estimated that it could generate net cash flow of A$2.74-billion from a nickel revenue of some A$4.53-billion, over the project’s ten-year mine life.
The DFS was based on a processing rate of 1.5-million tonnes a year, to deliver about 26 000 t/y of nickel, 11 500 t/y of copper and 850 t/y of cobalt over a ten-year mine life.
C1 cash operating costs after by-product credits were forecast to be A$1.66/lb nickel in concentrate, which was better than the 2013 scoping study estimates.
Bennett said on Tuesday that Sirius was hoping to secure its mining lease over the Nova project during August this year, with the outstanding permitting expected before the end of the year.
The ASX-listed miner this week also signed a mining agreement with traditional owners the Ngadju people, allowing project development to proceed. The mining agreement with the Ngadju people was a prerequisite to the grant of a mining lease.
If all goes to plan, Sirius was hoping to start Nova’s development by early 2015, with project development expected to take two years.
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