Pacific Nickel Mines (ASX:PNM) has been progressing the construction of its Kolosori Nickel Project in the Solomon Islands to meet development and production schedules.
The $35.31 million market capitalisation company says recent developments at the project include the first tranche of mining contractor equipment from HBS PNG arriving by ship to site in early August.
This equipment has been deployed to site focussing on earthworks, including the construction of the mining haul-road to the first ‘high-grade’ ore blocks, back-fill for the wharf area, and nickel direct shipping ore (DSO) stockpile pads near the port area.
In addition, the second tranche of HBS equipment has been assembled and is being prepared for imminent shipping from Papua New guinea to Kolosori. This shipment includes mining haul trucks, hydraulic excavators, and operations support equipment.
HBS and local mining contractor GRP have started 2-shift operations using lighting plants in line with the long-term operational requirements of 24-hour operations.
Meanwhile, Pacific Nickel says that grade-control drilling in the first mining blocks is nearing completion, as is the construction of the site laboratory building.
The company says construction of the camp is continuing, and it can now accommodate 140 out of an expected total camp requirement of 250 people.
Commenting on the activities, Pacific Nickel Mines Chief Executive Officer (CEO) Geoff Hiller says: “Pacific Nickel Mines is pleased to confirm that the Kolosori Nickel Project is ramping up construction activities to meet development and production schedules, including mine operations moving to 2-shift operations.
“This will see the Solomon Islands becoming an important exporter of high-grade nickel ore to Asian markets“
The company is currently on track for first mining of ore as planned for October 2023. The board is delighted that the operation is now coming to fruition. This will see the Solomon Islands becoming an important exporter of high-grade nickel ore to Asian markets.”
Pacific Nickel Mines is an ASX-listed nickel exploration and developmßent company with 2 near-term development assets, namely the Jejevo and Kolosori nickel projects, located on Isabel Island in the Solomon Islands.
As of 30 June 2023, the company had $1.13 million cash and cash equivalents at hand and $28.76 million in unused finance facilities, according to its latest quarterly report.