QUEBEC – Toronto-based RNC Minerals is forming a 50:50 joint venture with Waterton Metals Fund II Cayman and Waterton Mining Parallel Fund Onshore Master (Waterton) for the development and operation of RNC’s Dumont nickel project 25 km west of Amos, in the Abitibi mining camp.
Waterton has agreed to pay US$22.5 million for half of the project, and the new partner will also inject US$17.4 million into the joint venture.
Taking a bulk sample at the Dumont nickel project.
RNC said the arrangement sets forth a partnership between an innovative mining private equity firm and a leading nickel executive team to create and unlock value within the nickel industry. The objective is to establish a pure play nickel company with multiple projects operating in stable jurisdictions.
The Dumont project has a proven and probable reserve of 1.18 billion tonnes at 0.27% nickel containing 6.9 billion lb. of nickel, making it probably the world’s largest shovel-ready nickel project. The measured and indicated resource contains 9.75 billion lb. of nickel. There are also 500 million inferred tonnes at 0.26% nickel containing 2.9 billion lb. of nickel.
Please visit www.RNCMinerals.com for ongoing news about the Dumont project.