Australia-based Pacific Nickel Mines has acquired 80pc share in Solomon Islands based company Kolosori Nickel.
Kolosori Nickel Project is an advanced stage direct-shipping ore nickel laterite project which has great potential for further development, said Pacific Nickel. Advantages of the project include proximity to the coast, low capital route to direct shipping ore production, no processing requirements for shipping and support from local landowner.
The acquisition was approved on April 9 by Kolosori Nickel and through terms of Share Purchase Agreement, Pacific Nickel will be issuing 8,375,000 shares. Pacific Nickel Mines now holds 80pc share in Kolosori Nickel Project and 80pc interest in Jejevo Nickel Project — both located at Santa Isabel in the Solomon Islands.
Estimations of Kolosori Nickel Mine undertaken in November 2020 reported total 5.89mn mt at 1.55pc Ni at a 1.2pc Ni cut-off. Drilling at Kolosori Nickel Project will commence this week, announced Pacific Nickel Mines.