In an Open Briefing interview, Managing Director of IMX, Neil Meadows discussed the recent “agreement with MMG where MMG will earn-in to [IMX’s] highly prospective Nachingwea Property in Tanzania, including the Ntaka Hill Nickel Sulphide Project, by spending up to US$60 million over the next 5 years.”
When asked why IMX did not tackle the project on their own, Meadows commented, “…In short, we needed to take a fresh look at the project and we realised that without a major partner to help drive the exploration and inject more funds into drilling, the project wouldn’t progress as quickly as it should,” reports the Wall Street Journal.
On Thursday, September 19, the day’s biggest mover was the cash price of primary Indian nickel, which saw a 0.3 percent increase. On the LME, the nickel spot price remained essentially flat at $13,775 per metric ton. On the LME, the 3-month price of nickel held steady around $13,865 per metric ton.
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome held steady. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row.
The price of Chinese 316 stainless coil was unchanged and the price of Chinese 304 stainless coil saw little movement. The price of Chinese 316 stainless steel scrap remained essentially flat. The price of Chinese 304 stainless steel scrap continues to hover for the fifth day in a row. The price of Chinese primary nickel steadied following two-days of dropping prices.