Mincor Resources continues to progress the development of its Western Australian nickel projects after executing a $55 million loan facility to fully fund operations.
The company is targeting production in the final quarter of 2021, with Mincor managing director David Southam confirming that underground mining services are running smoothly.
“Development at Cassini and Northern Operations is making great progress, with our operational teams fully mobile and a strong focus on advancing underground development safely and efficiently. As an example, we are approaching 800 metres of mine development at Cassini,” Southam said.
The loan facility was secured in September 2020 through a syndicated facility agreement with leading global banks BNP Paribas and Société Générale.
Southam said the loan execution marked an important moment for not only the nickel operation, but for the crucial markets who would benefit from it.
“The achievement of financial close is another significant milestone in Mincor’s journey to restart mining at Kambalda and to become a clean, efficient and modern nickel sulphide product ready for the new era of nickel demand from the EV and renewable energy sectors,” Southam said.
As Cassini moves towards production over the course of 2021, the Kambalda region will see its first new nickel mine in over 20 years.
Back in September 2020, Southam said Mincor planned to set the standard for responsible nickel production.
“We are now on the cusp of realising our vision to resume profitable and sustainable nickel sulphide mining in the Kambalda district, and to do so in an environmentally responsible and ethical manner that will see this great nickel province return to the forefront of class-one nickel production globally,” Southam said.
The Kambalda operations are forecast to produce 71,000 tonnes of nickel and 5000 tonnes of copper on a life-of-mine basis.