Mincor Resources NL (ASX:MCR) Board has approved the development of its 100 per cent-owned Kambalda Nickel Operations in Western Australia.
The announcement of a Final Investment Decision (“FID”) for the planned re-commencement of nickel mining at Kambalda by Mincor is supported by a Credit Approved Terms Sheet which has been agreed with two Tier-1 international banks to provide a secured $55 million project finance facility.
The Facility remains subject to completion of legal due diligence, documentation and customary conditions precedent.
The Facility, together with the Company’s existing cash reserves of more than $100 million, will allow Mincor to efficiently execute the delivery of its nickel restart plan in line with the Definitive Feasibility Study (“DFS”) announced in March 2020.
Shares in Mincor Resources NL (ASX:MCR) are trading 0.54 per cent lower at 92 cents.