Pacific Nickel Mines (ASX:PNM) has welcomed the arrival of four 3,000-tonne barges, contracted with Marinepia Shipping, to its Kolosori Nickel Project on Isabel Island, Solomon Islands.
The $35.55 million market capitalisation company says the barges have docked at the Kolosori wharf in preparation for ore loading, with the first 60,000-tonne ore transport ship booked via Pacific offtake partner Glencore and scheduled to arrive on 19 December.
Pacific Nickel reports the average nickel grade for the first shipment to Glencore is expected to be over 1.75% nickel.
However, the maiden shipment has been delayed due to the impact of severe weather in early December associated with a low-pressure system that formed over the Solomon Islands and subsequently developed into Cyclone Jasper.
Despite the cyclone, Pacific Nickel notes the project site remains fully operational, with no loss of stockpiles, equipment, or infrastructure.
Chief Executive Officer (CEO) Geoff Hiller says the company will soon shift its focus to its second project at Jejevo once a mining lease from the National Government has been received.
“The site and management team have done an incredible job to deliver the Kolosori Project this year. They are now preparing to load ore onto barges for transhipment onto the MV Fairfield Eagle which will deliver nickel ore to our offtake partner Glencore.”
“The site and management team have done an incredible job to deliver the Kolosori Project this year”
Pacific Nickel Mines is a nickel explorer and developer with 2 near-term development assets, the Jejevo and Kolosori nickel projects, that sit on Isabel Island in the Solomon Islands.
The company’s Kolosori Project represents a direct shipping ore (DSO) project that received financial support through a US$22 million project-specific debt facility provided by Glencore International AG.
As of 30 September 2023, Pacific Nickel Mines had $23.075 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Pacific Nickel Mines