Isabel Nickel Project Update Axiom Mining Limited (‘Axiom’ or ‘the Company’ today released the following statement with regard to the current status of the Isabel Nickel Project. Mining will commence in December 2018 with the first ore shipment due in Q1 2019. Mine development on San Jorge Construction of the ore loading facility and roadways is presently underway. Drilling has commenced with focus on grade control for initial pits for mining as well as exploration and resource definition. Newly proposed off-take arrangements include finance for mine development and working capital finance facilities. Off-take and finance Axiom’s off-take agreement and funding with Gunvor Singapore Pte Ltd announced by the Company on 22 December 2015 for the provision of AU$5 million of funding to the Company and up to AU$10 million toward mine construction finance has now expired. The expiration of this agreement has enabled Axiom to consider other offers and to obtain preferential terms considering the new dynamics in the nickel ore market. With the recent grant of the mining lease there has been an increase of interest and demand from nickel ore consumers for Axiom’s San Jorge material. As the Company is in advanced stages of negotiations with a number of parties (which began prior to the grant of the mining lease), Axiom deemed it prudent to provide a fixed time period to facilitate and evaluate this recent new interest. A number of qualified interested parties on Axiom’s short list have conducted on-site due diligence over the past year and closing dialogues are currently in progress. Terms and conditions of proposed agreements continue to be refined and are in a final stage of negotiation. The Company anticipates announcing a new off-take and financing arrangement(s) shortly after the completion of the request for final proposals. For enquiries, please contact: Email: [email protected]
AVQ Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
today released the following statement with regard to the current status of the Isabel Nickel Project. Mining will commence in December 2018 with the first ore shipment due in Q1 2019. Mine development on San Jorge Construction of the ore loading facility and roadways is presently underway. Drilling has commenced with focus on grade control for initial pits for mining as well as exploration and resource definition. Newly proposed off-take arrangements include finance for mine development and working capital finance facilities. Off-take and finance Axiom’s off-take agreement and funding with Gunvor Singapore Pte Ltd announced by the Company on 22 December 2015 for the provision of AU$5 million of funding to the Company and up to AU$10 million toward mine construction finance has now expired. The expiration of this agreement has enabled Axiom to consider other offers and to obtain preferential terms considering the new dynamics in the nickel ore market. With the recent grant of the mining lease there has been an increase of interest and demand from nickel ore consumers for Axiom’s San Jorge material. As the Company is in advanced stages of negotiations with a number of parties (which began prior to the grant of the mining lease), Axiom deemed it prudent to provide a fixed time period to facilitate and evaluate this recent new interest. A number of qualified interested parties on Axiom’s short list have conducted on-site due diligence over the past year and closing dialogues are currently in progress. Terms and conditions of proposed agreements continue to be refined and are in a final stage of negotiation. The Company anticipates announcing a new off-take and financing arrangement(s) shortly after the completion of the request for final proposals. For enquiries, please contact: Email: [email protected]
