Norilsk Nickel International, a subsidiary of OJSC MMC Norilsk Nickel, announced that it will suspend its Black Swan and Lake Johnston nickel operations, placing them under care and maintenance effective immediately.
Inco and Lionore Mining have reached an agreement in principle on a strategic alliance covering several areas of mutual interest. These include collaboration on research and development covering base metals processing technologies, exploration, a private placement of LionOre shares and confirmation of purchases of nickel in concentrate by Inco from LionOre’s new Australian nickel sulphide mine, Maggie Hays. This agreement will provide for joint collaboration on research and development of processing technologies for the recovery of base metals from sulphide ores, including LionOre’s proprietary
Activox® process for recovering such base metals. The agreement will also include a JV covering exploration, to be funded by Inco, on LionOre’s
wholly-owned Lake Johnston tenements in Western Australia (host to Emily Ann and Maggie Hays nickel sulphide deposits) and LionOre’s nearby 90% owned Southern Cross tenements. As part of this agreement, Inco will be subscribing to a private placement of LionOre shares, the proceeds of which will be used to repay a AUD25 million loan that Inco had extended to LionOre in connection with the development of the Emily Ann nickel sulphide project.
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