Pacific Nickel Mines (ASX:PNM) is continuing to develop its Kolosori Nickel Project in the Solomon Islands, with the removal of overburden ongoing and mining on track for October.
The company is progressing with a 2-shift operation for the removal of overburdenuutilising lighting plants at night. These operations demonstrate Pacific Nickel’s ability to achieve 24-hour operations as planned in the company’s project modelling.
The $32.85 million market capitalisation company says it has been ‘rapidly’ advancing development operations at the project since the arrival of the first tranche of HBS mining equipment in August 2023.
Now, the second tranche of HBS mining equipment — including haul trucks, hydraulic excavators, and operations support equipment such as pumps and workshop equipment — has arrived on site at Kolosori.
Pacific Nickel says the arrival of this equipment establishes the full complement of earth-moving equipment necessary to conduct mining operations for the first direct shipping ore (DSO) shipment of nickel laterite ore as planned in November this year.
The company notes that construction of the mining contractor’s workshop area is ‘well advanced’, and site inductions have begun for project contractors and local staff.
A plant nursery has also been established to provide native plants for progressive site rehabilitation.
Commenting on the development activities, Pacific Nickel Mines Chief Executive Officer (CEO) Geoff Hiller says: “Arrival of the second tranche of HBS mining equipment places the company in a strong position to achieve mining as scheduled in October 2023 and our first shipment of DSO nickel laterite ore in November 2023.
The company is continuing to work with the Kolosori landholders and key stakeholders to develop the Kolosori Project as an important exporter of high-grade nickel laterite ore to Asian markets.
“Arrival of the second tranche of HBS mining equipment places the company in a strong position to achieve mining as scheduled in October 2023 and our first shipment of DSO nickel laterite ore in November 2023“
The company is proud to work with and employ members of local Solomons Island communities in the development of this project. The development of the Kolosori Project is already delivering real benefits to local communities as we establish a project workforce comprised largely of Solomon Islanders and engage with local businesses and contractors.”
Pacific Nickel Mines is an ASX-listed nickel explorer and developer with two near-term development assets, the Jejevo and Kolosori Nickel projects, located on Isabel Island in the Solomon Islands.
As of 30 June 2023, the company had $1.13mmillion cash and cash equivalents at hand and $28.76 million in unused financing facilities, according to its latest quarterly report.
On July 31, Pacific Nickel received the final US$19 million from Glencore International under a US$22 million loan facility for the Kolosori project.
Write to Aaliyah Rogan at Mining.com.au
Images: Pacific Nickel Mines
