Poseidon Nickel Raises $30 Million for Windarra Mine Restart

Australian Mining reported that Poseidon Nickel (ASX:POS) has raised 30 million in a share placement with Petra Capital. The funds will be used to restart the Windarra nickel mine, which is expected to produce 9600 tonnes per year over its ten year mine life.

As quoted in the publication:

The company said the money will allow it to complete refurbishment activities at Mt Windarra, commence capital works at Lake Johnston, and repay debt. The restart costs for Windarra have previously been estimated at $11 million. Under a new deal, ore from the mine will be trucked to BHP Billiton’s Nickel West concentrator at Leinster where the concentrate produced will be bought by BHP.

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