PERTH (miningweekly.com) – Metals developer Axiom Mining on Friday told shareholders that it was in negotiations with project financiers and potential offtake partners for its Isabel nickel project, in the Solomon Islands.
Axiom was taking a phased approach to develop the Isabel project, with the initial focus being on establishing a two-million-tonne-a-year direct shipping ore operation by late 2015, for a relatively low capital expenditure.
Axiom said that the company was considering several financing proposals and to ensure that capital was sourced and deployed efficiently, allowing for the development milestones to be delivered on schedule.
The Solomon Island Court of Appeal in October last year cleared the way for Axiom to start development of the Isabel project, after setting aside an interim injunction instigated by Japanese giant Sumitomo Metal Mining to prevent Axiom from exploring for nickel.
Sumitomo served Axiom with an application seeking an interim injunction only one week after the ASX-listed company won a three-year court battle against the Japanese firm, allowing Axiom to exploit the Isabel nickel discovery.