Posted on 19 Apr 2023
Australian miner Nickel Industries' 70%-owned Oracle Nickel Project (ONI) has received an industrial business licence enabling it to commence commercial sales from stockpiled nickel pig iron (NPI) production, Kallanish notes.
As at the end of March, ONI had produced 5,953 tonnes of nickel metal (in NPI) with all four rotary kiln-electric furnace (RKEF) lines now commissioned.
All lines are ramping-up in line with expectations, with commercial sales commencing following the receipt of the licence.
The remaining stockpiles of NPI will be progressively sold across the June quarter.
The company also advises that construction of ONI’s designated power plant is progressing well and is currently scheduled to commence commissioning in the current quarter.
After this production is expected to rapidly increase to over 130% of nameplate capacity, resulting in an approximate 50% increase in production from levels in the December quarter.
“Our first sales from ONI mark another important milestone for the project and we now look forward to seeing production continue to ramp-up in the months ahead and for ONI to become a material contributor to the company’s RKEF operations,” Nickel Mines’ managing director Justin Werner says.
Meanwhile, in a separate announcement, Nickel Industries says it has completed the issuance of $400 million in senior unsecured notes at a coupon of 11.25%, maturing 21 October 2028.
The new notes extend the company’s debt maturity profile.
Source:Kallanish
