Development banks seek to revive world’s biggest power project
The planned Grand Inga hydropower complex in the DRC has been stalled for decades.
Nickel sulphide explorer Ardea Resources Ltd said on Wednesday it has signed a non-binding agreement with a Japanese consortium to carry out a feasibility assessment at its Kalgoorlie Nickel Project Goongarrie Hub in Western Australia.
The consortium comprises Sumitomo Metal Mining, Mitsubishi Corp and Mitsui & Co Ltd, Ardea said.
The Perth headquartered company said that the agreement provides a framework for the consortium and Ardea to negotiate a binding agreement to complete the Kalgoorlie Nickel Project Goongarrie Hub definitive feasibility study.
The agreement also has provisions for the companies to plan a final investment decision and jointly secure project development funding to make the project a significant producer of nickel-cobalt used in the lithium-ion battery sector.
The move comes amid Tokyo’s push for investments into mines of minerals used in batteries as it reinforces alliances with resource-rich countries such as Australia, underscoring a global rush towards decarbonization.
Ardea’s shares are up nearly 54%, on track for their best trading day ever.
In a separate exchange filing, Ardea projected the total capital cost of the Kalgoorlie Nickel Project Goongarrie Hub to be A$3.18 billion ($2.13 billion) and said mining optimization studies projected production of about 30,000 tonnes of nickel and 2,000 tonnes of cobalt per annum for more than 40 years.
($1 = 1.4961 Australian dollars)
(By Nausheen Thusoo; Editing by Savio D’Souza and Dhanya Ann Thoppil)
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