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Kolosori nickel project, Solomon Islands – update

Image of nickel ore

Photo by © Reuters

18th August 2023

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

     

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Name of the Project
Kolosori nickel project.

Location
Solomon Islands.

Project Owner/s
Pacific Nickel.

Project Description
The Kolosori nickel project is an advanced stage direct shipping ore (DSO) nickel laterite project progressing to development.

The project has a Joint Ore Reserves Committee-compliant mineral resource estimate of 6.02-million tonnes at 1.52% nickel.

In the base case, production is estimated at 1.4-million tonnes a year over a mine life of three years. In the expanded case, the project is expected to produce 1.45-million tonnes a year over a mine life of 5.8 years.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated net present value (NPV) of A$91-million and an internal rate of return (IRR) of 156%. In the expanded case the project has an NPV of A$118-million and an IRR of 170%. In both cases payback is six months.

Capital Expenditure
The project is estimated at $21.3-million in the base case and the expanded case.

Planned Start/End Date
DSO production is expected to start in the third quarter of 2023.

Latest Developments
Pacific Nickel Mines has started construction at its Kolosori nickel project, with the mining contractor starting earthworks.

The company is developing the project using $22-million in funding provided by mining major Glencore.

First mining of ore is planned for October 2023, as previously outlined.

Pacific Nickel is also hoping to start DSO production at Kolosori late in the third quarter of 2023.

Key Contracts, Suppliers and Consultants
Resindo (definitive feasibility study manager and front-end engineering design); and HBS PNG (early contractor arrangement).

Contact Details for Project Information
Pacific Nickel, tel +61 403 940 518 or email info@pacificnickel.com.

 

Edited by Creamer Media Reporter

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