European Nickel
European Nickel is an emerging mid-tier nickel laterite producer with a simple, low cost heap leach process which offers a competitive edge over conventional nickel laterite HPAL processing. The Company’s assets span Turkey, the Philippines and Albania, with an identified pipeline of growth targeting 70,000tpa of nickel production.The Caldag project in Turkey is the Company's flagship asset for which has just been given the green light for development, following approval of a forestry permit approval and a signed a financing framework agreement with Chinese partners for a guaranteed US$350 million debt facility. This will be the world’s first commercial nickel laterite heap leach operation and represents the largest foreign direct investment in Turkey’s mining industry.
European Nickel repays US$5 mln loan to Endeavour Financial after raising US$19.5 mln
European Nickel (AIM: ENK) has repaid the US$5 million bridging loan given by Endeavour Financial Corp after undertaking a placing last week to raise US$19.4 million.
The company has also applied for admission to trading on the AIM market of a further 1.34 million shares, which will be issued to Endeavour in lieu of interest on the loan facility provided to the company.
The latest placing news was reported parallel to last week's announcemeny by European Nickel and Rusina Mining NL (AIM: RMLA, ASX: RML) that they signed a merger deal to form a new and significant nickel development company. European Nickel proposed to acquire the entire issued share capital of Rusina through an equity-based transaction, which values Rusina at approximately £18.1 million at today's prices and is capped at £27.1 million.
In addition to the jointly developed Acoje nickel project in the Philippines, the enlarged company will be progressing European Nickel’s Çaldağ nickel property in Turkey. The combined group will have a total attributable resource base of 1.35 million tonnes of contained nickel, with forecast production of 45,000 tonnes per annum from its two projects, Çaldağ and Acoje.
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Other European Nickel articles
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02/02/10 European Nickel to take over Rusina Mining in all-share deal capped at £27.1 mln
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12/05/09 Heap leaching of laterites – have European Nickel found the Holy Grail?
Other European Nickel news
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02/03/10 European Nickel and Rusina merger satisfies due diligence, deal expected to complete in May
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01/03/10 European Nickel says its well positioned to achieve strategic goals
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26/02/10 Simon Purkiss of European Nickel discusses planned merger with Rusina Mining
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11/01/10 European Nickel partially divests Toledo Mining stake
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08/12/09 European Nickel says Endeavour increases bridge loan by US$1 mln and grants extension
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01/12/09 European Nickel in talks with Endeavour to reschedule US$4m bridge loan
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20/10/09 European Nickel extends Endeavour bridge loan while it finalises Caldag nickel project financing
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08/07/09 European Nickel reaches deal with BHP Billiton for release from Caldag off-take agreement
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24/06/09 European Nickel making progress on Caldag project talks, BHP Billiton to release full off-take
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03/06/09 European Nickel clears another hurdle on the path to nickel production