Mincor to Acquire Independence Group’s Long Nickel

Mincor to Acquire Independence Group’s Long Nickel

Mincor Resources has entered an agreement to acquire Independence Group’s Long Nickel operation as it continues its nickel restart strategy.

As it continues to build its nickel restart strategy in Western Australia’s Kambalda district, Mincor Resources (ASX:MCR,OTC Pink:MCRZF) has entered a binding agreement to acquire Independence Group’s (ASX:IGO) Long Nickel operation.

According to Mincor, the mine has been well maintained since being placed on care and maintenance by Independence in June 2018, keeping the asset in a “mining-ready” state.

With a production history dating back to 1979, Long Nickel hosts a mineral resource of 0.75 million tonnes (Mt) at 4.2 percent nickel, with 32,000 of contained metal.

The newest addition to Mincor’s nickel assets boosts the company’s total Kambalda mineral resources to 4.3 Mt at 3.7 percent nickel, totalling 161,000 of contained metal.

The deal between Mincor and Independence will entail an upfront consideration of AU$3.5 million through 7.77 million fully paid Mincor shares being issued.

Mincor will pay an additional AU$6 million after reaching two milestones, with one being an AU$2 million payment upon producing 2,500 tonnes of contained nickel in ore from the operation. The second milestone is the production of 7,500 tonnes of contained nickel, and would feature an additional AU$4 million payment.

Mincor has the option to pay its expected fees in either cash or company shares. It is anticipated that the acquisition will be completed near the end of this month.

“As well as expanding our strategic footprint in the North Kambalda Dome, the acquisition of the fully maintained mine infrastructure at Long opens up opportunities to exploit the existing high-grade mineral resource (which) contains 32,000 tonnes of nickel and provides potential to enhance capital and operational efficiency by accessing our nearby Durkin North Ore Reserve from the Long decline,” Mincor Managing Director David Southam said in a statement.

After the nickel price took its second major dive in a decade between 2014 and 2016, many producers of the base metal put their operations on care and maintenance. Mincor was one of them, but has since begun what it calls its nickel restart strategy.

Focused on four deposits in Kambalda, the company has been making various moves to get the revamp plan into action, including signing an offtake term sheet with BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Nickel West for nickel sulfide ore processing, which happened in March. Mincor also recently managed to boost the resource at its Cassini deposit by 52 percent.

The company is currently working to release a definitive feasibility study for an integrated mine plan related to its restart strategy during this year’s December quarter.

As of Wednesday (May 22), nickel was trading at US$11,960 per tonne on the London Metal Exchange.

Mincor’s share price remained unchanged at AU$0.45 by the end of trading on Thursday (May 23). Meanwhile, Independence Group shares were down 2.48 percent by the ASX’s closing bell on Thursday, ending the day at AU$4.72.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

Elizabeth Gold Project Drilling Update

Tempus Resources Ltd (“Tempus” or ” the Company” ) (ASX:TMR)(TSX.V:TMRR)(OTCQB:TMRFF) is pleased to provide an update of the drilling program at the Elizabeth Gold Project in Southern BC, Canada

The 2021 drilling campaign began on June 5 th . Five diamond drill holes have been completed to date for a total of 774 metres. Drill hole EZ-21-04, drilled on the Northern extension zone of the South West vein, has intersected a wide zone of quartz veining (approximately 4.2-metres), from 121.8-126.0 m, with visible gold evident over approximately one metre (see Figure 1). Additional quartz veining with visible gold has been identified in diamond drill hole EZ-21-02.

Keep reading... Show less

Galaxy Resources Limited Announcement

Galaxy Resources Limited (ASX: GXY) ( Company ) advises that the following announcement has been made to the Australian Securities Exchange which appears on the Company’s platform (ASX):

  • Change of Director’s interest Notice – MR

The announcement can be viewed at:

Keep reading... Show less

Rio Tinto opens new scandium plant in Canada

Rio Tinto has started operations at a new commercial scale demonstration plant to produce high-quality scandium oxide at its Rio Tinto Fer et Titane (RTFT) metallurgical complex in Sorel-Tracy, Quebec.

The $6 million project, in which the Government of Quebec contributed approximately $650,000 through the Quebec Plan for the Development of Critical and Strategic Minerals, was completed on time and on budget, less than six months after the start of construction.

Keep reading... Show less

Rio Tinto confirms Peter Cunningham as Chief Financial Officer

Rio Tinto has appointed Peter Cunningham as Chief Financial Officer with immediate effect. Peter, who has been Interim Chief Financial Officer since 1 January 2021, will also join the Rio Tinto Board as an executive director at the same time.

Peter was previously Group Controller and has held a number of senior financial and non-financial leadership positions across Rio Tinto in Australia and the UK. In a career spanning 28 years with Rio Tinto, he has held roles including Global Head of Health, Safety, Environment & Communities; Head of Energy and Climate Strategy; and Head of Investor Relations. Prior to joining Rio Tinto, Peter qualified as a chartered accountant.

Keep reading... Show less

Hastings Technology Metals Ltd Stand-out Simon’s Find Metallurgical Test Results Amended

Perth, Australia (ABN Newswire) – Australia’s next rare earths producer Hastings Technology Metals Ltd (ASX:HAS) (5AM.F) is pleased to announce stand-out results from metallurgical test work carried out on drilling samples from Simon’s Find, one of the key deposits that make up the Yangibana Rare Earths Project (Yangibana) in Western Australia’s Gascoyne region.

The test work carried out at Simon’s Find is a key milestone in the Company’s finalisation of its updated Ore Reserves and mine scheduling that will underpin Yangibana’s development.

The Simon’s Find deposit is part of the 8km-long Bald Hill – Simon’s Find – Frasers mineralised trend and is strategically located close to the site of Yangibana’s proposed process plant and infrastructure.

Keep reading... Show less

Elizabeth Gold Project Drilling Update

Tempus Resources Ltd (“Tempus” or ” the Company” ) (ASX:TMR)(TSX.V:TMRR)(OTCQB:TMRFF) is pleased to provide an update of the drilling program at the Elizabeth Gold Project in Southern BC, Canada

The 2021 drilling campaign began on June 5 th . Five diamond drill holes have been completed to date for a total of 774 metres. Drill hole EZ-21-04, drilled on the Northern extension zone of the South West vein, has intersected a wide zone of quartz veining (approximately 4.2-metres), from 121.8-126.0 m, with visible gold evident over approximately one metre (see Figure 1). Additional quartz veining with visible gold has been identified in diamond drill hole EZ-21-02.

Keep reading... Show less

Galaxy Resources Limited Announcement

Galaxy Resources Limited (ASX: GXY) ( Company ) advises that the following announcement has been made to the Australian Securities Exchange which appears on the Company’s platform (ASX):

  • Change of Director’s interest Notice – MR

The announcement can be viewed at:

Keep reading... Show less

Rio Tinto opens new scandium plant in Canada

Rio Tinto has started operations at a new commercial scale demonstration plant to produce high-quality scandium oxide at its Rio Tinto Fer et Titane (RTFT) metallurgical complex in Sorel-Tracy, Quebec.

The $6 million project, in which the Government of Quebec contributed approximately $650,000 through the Quebec Plan for the Development of Critical and Strategic Minerals, was completed on time and on budget, less than six months after the start of construction.

Keep reading... Show less

Rio Tinto confirms Peter Cunningham as Chief Financial Officer

Rio Tinto has appointed Peter Cunningham as Chief Financial Officer with immediate effect. Peter, who has been Interim Chief Financial Officer since 1 January 2021, will also join the Rio Tinto Board as an executive director at the same time.

Peter was previously Group Controller and has held a number of senior financial and non-financial leadership positions across Rio Tinto in Australia and the UK. In a career spanning 28 years with Rio Tinto, he has held roles including Global Head of Health, Safety, Environment & Communities; Head of Energy and Climate Strategy; and Head of Investor Relations. Prior to joining Rio Tinto, Peter qualified as a chartered accountant.

Keep reading... Show less

Hastings Technology Metals Ltd Stand-out Simon’s Find Metallurgical Test Results Amended

Perth, Australia (ABN Newswire) – Australia’s next rare earths producer Hastings Technology Metals Ltd (ASX:HAS) (5AM.F) is pleased to announce stand-out results from metallurgical test work carried out on drilling samples from Simon’s Find, one of the key deposits that make up the Yangibana Rare Earths Project (Yangibana) in Western Australia’s Gascoyne region.

The test work carried out at Simon’s Find is a key milestone in the Company’s finalisation of its updated Ore Reserves and mine scheduling that will underpin Yangibana’s development.

The Simon’s Find deposit is part of the 8km-long Bald Hill – Simon’s Find – Frasers mineralised trend and is strategically located close to the site of Yangibana’s proposed process plant and infrastructure.

Keep reading... Show less

Rio Tinto and ARENA to study using hydrogen to reduce carbon emissions in alumina refining

Rio Tinto has partnered with the Australian Renewable Energy Agency (ARENA) to study whether hydrogen can replace natural gas in alumina refineries to reduce emissions.

Rio Tinto will conduct a $1.2 million feasibility study, equally funded with ARENA through a $580,000 grant, into using clean hydrogen to replace natural gas in the calcination process of refining at the Yarwun aumina refinery in Gladstone.

Keep reading... Show less

Top News

Related News