ASX Round-Up: Poseidon Nickel and Newfield Resources in Focus

For investors focused on the resource space, a good way to track companies listed in Australia is to look at the S&P/ASX 300 (INDEXASX:XKO). The index includes all S&P/ASX 200 (INDEXASX:XJO) companies as well as about 100 smaller-cap companies, and as of April 2015 accounted for 74 percent of the Australian equities market. Specifically, the S&P/ASX 300 Metal & Mining (INDEXASX:XMM) division is a great source for companies to watch.

The Investing News Network is thus profiling companies on the S&P/ASX 300 Metal & Mining index. This week’s companies are Poseidon Nickel (ASX:POS) and Newfield Resources (ASX:NWF).

Nickel sulfide development company Poseidon Nickel targets existing nickel projects with a high possibility of expansion. Using modern nickel exploration techniques, Poseidon identifies additional mineralization and brings projects back to production.

The company has three main projects in various stages of development. Its Mount Windarra underground mine is ready for development, and Poseidon believes the project will produce nickel sulfide concentrate. Meanwhile, the Lake Johnson project is nearing production, and features on-site processing facilities; the Black Swan project contains a processing plant that Poseidon intends to reopen in order to process ore from Mount Windarra.

Newfield Resources is an exploration company that owns the Newfield and Crest Yard gold projects in Western Australia, as well as the Allotropes diamond project in Sierra Leone. The Allotropes project is currently in the exploration stage as the company tests high-priority targets.

In March, Newfield completed on-site commissioning of a dense media separation plant that will be able to test bulk samples of prospective gravel at Allotropes. The company has yet to discover mineable resources at its gold projects, and is currently planning a second stage of exploration for Crest Yard. A significant strike length at the Newfield project has not been drilled yet, and remains a high-priority target for the company.

Related reading: 

ASX Round-Up: A Look at Red 5 and Western Mining Network

ASX Round-Up: Highlighting Troy Resources and Hillgrove Resources

ASX Round-Up: Looking at Focus Minerals and Alkane Resources

ASX Round-Up: An Overview of RTG  Mining and Intrepid Mines

ASX Round-Up: Spotlight on ABM Resources and Amex Resources