Mincor raises $60 million to fund nickel exploration

Mincor Resources has completed a $60 million placement to fund an exploration ramp-up at its Golden Mile nickel asset and construction of accommodation at the Cassini nickel mine, both in Western Australia.

Mincor managing director David Southam said the capital was already being put to use.

“$15 million has been earmarked for exploration, particularly in light of the success we have enjoyed recently with underground drilling at the Golden Mile, where we have two rigs operating, and surface drilling at location one where a diamond rig is operating,” Southam said.

A further $15 million will go towards a new, purpose-built Mincor-owned accommodation facility just 10 kilometres from Cassini.  Along with the necessary infrastructure for transport and power, Southam said this development would enable Mincor to become the strong, independent business it knew it could be.

“This is consistent with our view that Cassini will be a long-term operation that requires appropriate long-term infrastructure,” Southam said.

“It will also eliminate the need for us to continue to use a third-party operated camp in Kambalda for Cassini operations, reduce commute times, and provide important health and safety benefits for our workforce – ensuring we can continue to attract the best people to work for us.”

The new accommodation facility for Cassini with replace the need for staff to travel the 70 kilometres to and from Kambalda.