Poseidon Nickel talks exploration strategy and commercial opportunities
November 01, 2023 at 02:51 pm EDT
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Poseidon Nickel Ltd (ASX:POS, OTC:PSDNF) CEO Craig Jones speaks with Proactive a month into his new role. Jones says following the decision to defer the restart of the Black Swan project - due to adverse market conditions - the company has implemented initiatives to significantly reduce costs across the business. POS continues to progress key workstreams for Black Swan, including grid power studies with Western Power as well as additional metallurgical testwork to confirm recoveries and concentrate quality used in the November 2022 Bankable Feasibility Study.
Jones commented on the quarterly: “Following the decision to defer the restart of the Black Swan project primarily due to adverse market conditions, we have implemented initiatives to significantly reduce costs across the business. There has been a number of board and management changes, reducing both the number of directors and executives in the business. There has also been a change in the care and maintenance operating model at Black Swan resulting in a material reduction in annual operating costs without impacting the restart timetable for the mine and processing plant when the decision to restart is made. The current cost savings implemented total circa $3 million on an annualised basis.
We continue to progress key workstreams for Black Swan, including grid power studies with Western Power, additional metallurgical testwork to confirm recoveries and concentrate quality used in the November 2022 Bankable Feasibility Study, assessing accommodation options in Kalgoorlie for the proposed FIFO workforce and continuing to engage with the two shortlisted offtake and debt financing providers."
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
Jonathan@proactiveinvestors.com
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Poseidon Nickel Limited is a nickel sulfide exploration and development company. The Company has three projects located within a radius of 300 kilometers (km) from Kalgoorlie in the Goldfields region of Western Australia and a resource base of over 420,000 tons of nickel and 180,000 ounces of gold. It owns the Black Swan, Lake Johnston and Windarra Nickel Projects. The Black Swan Project is located approximately 600 km east of Perth and 50 km northeast of Kalgoorlie, Western Australia. Its operations include the Silver Swan underground mine, Black Swan open pit, a 2.2 metric tons per annum (Mtpa) nickel sulfide concentrator and associated infrastructure. The Mt Windarra Nickel Project is located in the Mt Margaret Goldfields of Western Australia and is situated about 25 km north-west of Laverton. The Windarra Gold Tailings Project is located over 720 km north-east of Perth, 260 km north-north-east of the major mining town of Kalgoorlie, and about 18 km north-west of Laverton.