Nicolsons project given go-ahead
PERTH (miningweekly.com) – The Western Australian Department of Minerals and Petroleum has approved the mining proposal and closure plan for the proposed Nicolsons gold mine, ASX-listed Pacific Niugini said on Monday.
The project was expected to have an initial mine life of four-and-a-half years, and would deliver an after-tax net profit of A$50-million, a net present value of A$42-million and an internal rate of return of 162%.
Existing infrastructure at the Nicolsons mine would allow Pacific Niugini to restart operations for a minimal capital injection of A$10.7-million, with the project targeting production of about 130 000 t/y from a small-scale underground mine at the base of the existing openpit operation.
“We now have a clear path to commencing site works with key project personnel in place. We have a high-grade underground gold mine with a rising gold price environment and are excited for our shareholders with the value that this development represents,” said Pacific Niugini MD Paul Cmrlec.
“We await the successful completion of our rights issue and the start-up of what we believe will be a rewarding and transitioning step for the company as we enter the rank of gold producer.”
At the end of last year, Pacific Niugini secured a financing proposal for the restart of operations at Nicolsons, and the company was also assisting its joint venture partner Bulletin Resources in obtaining financing for its share of the project costs.
Pacific Niugini was also undertaking a rights issue to cover its share of the funding, and to enable a drawdown of the proposed debt facilities.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
North Ridge Pumps is an independent manufacturer of pumps. We have a proven track record for product support and customer service throughout the...
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
