Proactive Investors | 02.02.2016
Axiom Mining is edging closer to a milestone first shipment of nickel ore form the Isabel project in the Solomon Islands during Q1 2016 as a A$10 million financing facility and long-term offtake deal unfold.
Planning, design and development work at the project with an eye on this near-term export scenario has paralleled a due diligence process with global independent trading house Gunvor Singapore for financing and offtake continues.
This follows from an initial offtake agreement for 500,000 tonnes of nickel ore and A$5 million ore pre-payment facility executed with Gunvor in December 2015.
Other recent activities at Isabel have included several ecological surveys, environmental fieldwork and the completion of both a development strategy for a life-of-mine pit and a field component of social impact assessment.
Negotiations with key suppliers of marine services, vessels and heavy machinery are completed and they are on standby to move into production.
Ongoing infrastructure development includes camp upgrade, laboratory, roads, barge ramp and stockpile areas.
Preliminary work on San Jorge Island includes survey and environmental baseline monitoring.
Axiom, its landowner partners and the Solomon Islands government secured a definitive victory against Japanese major Sumitomo in the Solomon Islands High Court in 2014.
The subsequent appeal by Sumitomo was completed in June 2015 and a decision is expected to be delivered shortly.