Poseidon Nickel has bought Australia’s Black Swan nickel project from Russian mining giant Norilsk for an undisclosed sum, the Sydney Morning Herald reported today.
Norilsk, the world’s largest nickel and palladium producer, said in September that it would sell its Australian assets.
Poseidon has been looking to restart its Mt. Windarra nickel mine in the West Australian goldfields in the face of poor nickel prices and tight debt markets.
It said the acquisition of the Black Swan nickel sulphide plant would allow it to process ores from Windarra.
The spot price of nickel saw a 3.8 percent increase on Friday, July 4, reaching $19,785 per metric ton on the LME and making it the biggest mover for the day. The nickel 3-month price jumped 3.6 percent on the LME to finish at $19,845 per metric ton. The Indian nickel cash price weakened by 0.2 percent, settling at INR 1,184 ($19.87) per kilogram.
Chinese stainless steel closed mixed on Thursday. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,336) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,341) per metric ton.
The price of Chinese primary nickel fell 0.8 percent to CNY 134,000 ($21,570) per metric ton. The Allegheny Ludlum 316 stainless surcharge held steady at $1.31 per pound. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,185) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,400 ($2,640) per metric ton for the fifth day in a row. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,100 ($2,592) per metric ton.