Canadian Mining Journal

News

BASE METAL DEVELOPMENT: First Nickel secures loan for Lockerby Depth

ONTARIO - First Nickel of Toronto has arranged a $30-million senior debt facility with which to advance the Depth project at its Lockerby nickel-copper mine near Sudbury. The financing was arranged with Societe General and Commonwealth Bank of...



ONTARIO – First Nickel of Toronto has arranged a $30-million senior debt facility with which to advance the Depth project at its Lockerby nickel-copper mine near Sudbury. The financing was arranged with Societe General and Commonwealth Bank of Australia in return for First Nickel issuing 6.2 million common share purchase warrants to the lenders.

Drawdown of the facility will be subject to a number of conditions precedent, including completion of satisfactory legal documentation, implementation of a hedging program and expenditure by First Nickel of its required equity contribution.

First Nickel expects the Lockerby mine to reach full production in 2012. Output is to be 10 million lb of nickel and 7 million lb of copper annually. Learn more at www.FirstNickel.com.