Sirius Resources NL (ASX: SIR) continues to progress the Nova Nickel Project in the Fraser Range towards the start of development.
Based on a US$:A$ exchange rate of 0.90, Nova is estimated to generate significant revenue and net cash flow over its planned 10 year life.
The company is also targeting the first offtake agreement before the end of 2014.
Key points:
- Project Management Plan approved by Department of Mines and Petroleum;
- Preferred tenderers announced for major works programs including road, aerodrome, tailings storage facility, boxcut, underground mining and village;
- Second hand 500 person accommodation village secured; and
- Project remains on track for startup in late January 2015 subject to final permitting approvals and financing.
The company had $253 million in cash at the end of September 2014.
