Business
Ardea Resources Limited - Goongarrie Hub Project DFS Reaches Major Milestone
Ardea Resources Limited - Goongarrie Hub Project DFS Reaches Major
About this update from Ardea Resources Ltd.
[{"type":"text","content":"Ardea Resources Limited (Ardea or the Company) is pleased to announce that, in accordance with the transaction documents, including the Cooperation Agreement, Sumitomo Metal Mining Co., Ltd and Mitsubishi Corporation, through its wholly owned Australian subsidiary, Mitsubishi Development Pty Ltd, have, via their joint venture company GH Nickel Pty Ltd (the Consortium), earned the first tranche of interest in the incorporated joint venture vehicle for the Kalgoorlie Nickel Project (KNP) Goongarrie Hub (the Project).\nThe first tranche interest will give the Consortium a 17.5% holding in Kalgoorlie Nickel Pty Ltd (KNPL). 1 This milestone was achieved following expenditure of 50% of the $98.5 million Definitive Feasibility Study (DFS) budget.\nThe Consortium's ownership interest in KNPL will increase to 35% upon completion of the DFS and to 50% upon the Consortium making a positive Final Investment Decision1 . The Consortium has also exercised its right to appoint a director to the KNPL board. The KNPL board now consists of Ardea's Non-Executive Chairman, Mat Longworth (KNPL Non-Executive Chairman), Ardea's Managing Director and CEO, Andrew Penkethman (KNPL Director) and a nominated Consortium representative (KNPL Director)\nManaging Director and CEO of Ardea, Andrew Penkethman, noted: 'The Consortium moving to a 17.5% holding in KNPL is a key event in the progress of the Goongarrie Hub DFS, and towards the eventual development of the Project. On behalf of Ardea, I would like to welcome the Consortium Nominee to the KNPL board. Mat Longworth and I look forward to working closely with them to advance both the DFS and the Project to the benefit of all KNPL owners and the wider Eastern Goldfields of Western Australia community. As the Project continues to advance, we expect to be a significant contributor to the local, State and Federal economies, by developing Australia's next large-scale, long-life nickel-cobalt operation, as a major Critical Minerals collaboration between Australia and Japan. Our production will meet the high ESG standards expected from Australia and Japan and provide essential supply chain diversity and security.'\nContact:Andrew Penkethman\nManaging Director and Chief Executive Officer\nTel: +61 8 6244 5136\nAbout Ardea Resources\nArdea (ASX:ARL) is an ASX-listed nickel development company in joint venture with S...