Auroch Minerals’s Nepean project partner, Goldfellas Ply, has entered a contract with Lodestar Mineral for acquisition of 100pc of its issues shares. Goldfellas holds 20pc of the nickel project while 80pc stake belongs to Auroch.
The Nepean Nickel Project is the second largest nickel producing mine in Australia with 1.10mn mt of ore for 32,292mt of nickel with an average recovery of 2.99pc Ni, according to Auroch’s collected data. The nickel ore is treated by BHP group at their Kambadla processing facilities.
The mine was reportedly shut down in 1978 owing to low nickel prices and the disastrous fall in the Australian stock market in October 1987, which corrupted the sentiments and hopes of many mining hopefuls. There is significant nickel sulphide resource that has remained unmined since then. With nickel prices now climbing each day, several mining companies have started to show their interest amid high demand for electric vehicle (EV) batteries. Nickel prices are up almost 42pc in a year.