Poseidon completes Lake Johnston buy
PERTH (miningweekly.com) – Nickel developer Poseidon Nickel has completed the purchase of the Lake Johnston project from major Norilsk Nickel and is hoping to restart production.
Poseidon acquired the Lake Johnston project from Norilsk in a A$1-million deal in September this year, after purchasing the Black Swan nickel project from Norilsk for A$1.5-million in July.
Both projects included mine and concentrator plant infrastructure, as well as proven resources.
“Poseidon now has three high-quality nickel assets and substantial processing infrastructure in near working order. We have a resource base that has more than doubled with the recent acquisition of Lake Johnston and Black Swan,” said CEO David Singleton.
He added that the company was hoping to bring the three projects, which included its flagship Mt Windarra project in Western Australia, into production within a relatively short timeframe, and within a manageable funding requirement.
Poseidon has estimated that it would require a capital investment of A$24-million to bring the Mt Windarra and Lake Johnston projects into production, and following a A$30-million capital raising last month, the company was not planning any further equity raises to fund the start of production.
Singleton said on Thursday that Poseidon’s immediate focus was on completing site work to support the restart of operations at Lake Johnston after taking control of the operation on Thursday.
“Our geological team will be focusing on resource development to support mining operations,” he added.
The project is currently estimated to contain about 70 500 t of nickel, and includes an underground mine and a 1.5-million-tonne-a-year concentrator plant. Historically, the mine produced some 12 000 t/y of nickel.
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