Poseidon Takes Full Operational Control of Black Swan

Poseidon Nickel Limited (ASX:POS) announced the completion of the purchase of Black Swan nickel operation from OJSC MMC Norilsk Nickel.

As quoted in the press release,

The acquisition of the project brings with it the Black Swan nickel sulphide concentrator plant, the Black Swan sulphide ore open pit mine and the Silver Swan underground mine. The processing plant was extensively upgraded and expanded in 2006 and was put on care and maintenance in February 2009 during the financial crisis. The plant has a proven throughput capacity of 2,150,000 tonnes per annum of ore.

David Singleton, Managing Director and CEO stated:

This project, when in production, mined the highest nickel grade ore in the world at Silver Swan and today includes a very substantial resource. We have already completed and announced the results of the resource upgrade and restart feasibility study for the project in late 2014 (see ASXannouncements). Whilst our short term focus remains on our Lake Johnston and Windarra projects, we will now commence further work intended to lead towards the reopening of the mine.

Click here for the full Poseidon Nickel Limited (ASX:POS) press release