Samsung eyes billion dollar Aussie nickel investment

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Technology giant Samsung Group is in talks with emerging miner Metals X to invest in a $2.2 billion nickel project near the meeting of the WA, NT, and SA borders.

In a statement on Friday Metals X said it was in preliminary talks with a number of companies over the project’s funding but had received no formal proposal.

“We have held discussions with many international entities including the Samsung C&T Corporation,” it said.

A Samsung official told The Australian Metals X’s Wingellina project was potentially in the company’s sights.

It said it was “one of multiple overseas construction projects” currently being considered.

Metals X estimates the Wingellina project could produce 40,000 tonnes of nickel and 3000t of cobalt concentrate per year once operational.

However the project’s remote location means the mine would require significant investment.

Rising Chinese demand for the metal has renewed its international interest and the commodity has a positive market outlook for the near future.

On Friday Metals X also concluded its annual general meeting where it passed a number of minor resolutions, including the election of several directors and amendments to the company constitution.

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