Sirius raises some serious cash
PERTH (miningweekly.com) – Nickel hopeful Sirius Resources on Thursday announced its plans to raise A$83.5-million in a share placement to institutional and sophisticated investors to fast-track exploration and to fund either project acquisition or development at its Nova-Bollinger deposit, in Western Australia.
The ASX-listed explorer said that some 34-million shares would be issued under the company’s 15% placement capacity, at a price of A$2.44 each.
“Following completion of the placement, Sirius will have an exceptionally strong balance sheet, enabling the company to aggressively explore the new targets around the Nova-Bollinger nickel/copper project, to complete the feasibility study, and to move into the project development stage,” said MD Mark Bennett.
Bennett had previously expressed his belief that the nickel project would be operational in time to cash in on expected improved nickel prices.
The project is expected to produce its first ore by mid-2016, and will ramp up to full production by early 2017.
A recent scoping study has estimated that at a capital cost of A$471-million, the project could produce 28 000 t/y of nickel and 11 000 t/y of copper in concentrate, over an initial mine life of ten years.
Using a flat $0.90/A$1 exchange rate, the project could generate revenue of some A$4.6-billion and net cash flow of A$2.8-billion over its mine life.
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