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The latest announcement is out from Pacific Nickel Mines Limited ( (AU:PNM) ).
Pacific Nickel Mines Limited has faced operational challenges at its Kolosori Nickel Project, including machine availability issues, adverse weather conditions, and a weak nickel price environment. These factors have led to delays in shipments and necessitated additional working capital. As a result, the company, in consultation with its financier Glencore International AG, decided to temporarily cease operations to reassess the project. Despite these setbacks, a local mining contractor was re-engaged to maintain compliance, and a shipment of nickel ore was completed to support site activities. The company has not yet commenced repayment of its US$22 million loan from Glencore, which has reserved its rights regarding the project debt.
More about Pacific Nickel Mines Limited
Pacific Nickel Mines Limited operates in the mining industry, focusing on nickel production. The company is primarily engaged in the development and operation of the Kolosori Nickel Project in the Solomon Islands, where it holds an 80% interest. The project aims to produce and ship nickel ore, with a target of 1.5 million tonnes per annum.
YTD Price Performance: 40.0%
Technical Sentiment Consensus Rating: Strong Buy
Current Market Cap: €5.83M
See more insights into PNM stock on TipRanks’ Stock Analysis page.