April 29 (Reuters) - Ardea Resources (ARL) said on Monday it signed a binding deal with Japan's Sumitomo Metal Mining 5713.T and Mitsubishi Corp 8058.T to develop the Kalgoorlie nickel project, sending the Australian nickel miner's shares more than 11% higher.
Under the agreement, the companies will form a joint venture and fund and conduct a definitive feasibility study to arrive at a final investment decision for the Kalgoorlie Nickel Project (KNP) – Goongarrie Hub, Ardea Resources said in a statement.
The consortium of Sumitomo Metal Mining and Mitsubishi will fund A$98.5 million ($64.42 million) for the costs of the study, thereby earning a 50% stake in the joint venture. Ardea will own the remaining stake in the venture.
"Once in production, the Kalgoorlie Nickel Project – Goongarrie Hub is expected to be one of the largest nickel-cobalt producers in Australia," Ardea CEO Andrew Penkethman said.
Ardea shares were trading 9.4% higher at A$0.93 as of 0010 GMT, after rising up to 11% in early trade. ($1 = 1.5291 Australian dollars) (([email protected]; Twitter: https://twitter.com/sameer_manekar;))
April 29 (Reuters) - Ardea Resources (ARL) said on Monday it...
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Last
47.5¢ |
Change
-0.010(2.06%) |
Mkt cap ! $99.94M | |||
| Open | High | Low | Value | Volume |
| 49.0¢ | 49.0¢ | 47.5¢ | $6.399K | 13.26K |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 36964 | 46.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 48.0¢ | 8322 | 1 |
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| ARL (ASX) Chart |