Poseidon to Acquire Norilsk Nickel’s Black Swan Operation

Poseidon Nickel Ltd. (ASX:POS) announced that it will be acquiring Norilsk Nickel’s (MCX:GMKN) Black Swan nickel operation, which includes the Black Swan processing plant and Black Swan open-pit mine.

As quoted in the press release:

The acquisition of the project brings with it the Black Swan nickel sulphide plant which is capable of processing ores from Windarra. The plant was upgraded in 2006 and was put on care and maintenance in February 2009 during the financial crisis. The plant has a proven throughput capacity of 2,150,000 tpa compared with the 700,000 tpa plant previously contemplated for Windarra.

The Black Swan project also includes sulphide nickel mineralisation which may be used to supplement Windarra ore when processing in the current location. The Black Swan deposit has a Mineral Resource of approximately 26.3 million tonnes at 0.70% for 185,800 contained metal tonnes (at 0.4% nickel cut-off grade). In 2012, Norilsk commissioned Golder Associates to carry out an independent review of an internally produced feasibility study into reopening Black Swan which resulted in positive conclusions. The results of this study as well as the Mineral Resources will be reviewed by Poseidon and reported under JORC 2012 guidelines following the completion of the acquisition.

Click here to read the full Poseidon Nickel Ltd. (ASX:POS) press release.