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Lucky Break
The Lucky Break nickel project, located 140km west of Townsville is a joint venture between Metals Finance Limited (ASX:MFC) and Metallica. Metallica holds two granted Mining Leases (ML 10324 and 10332). Both MFC and MLM hold their Joint Venture interests through wholly owned subsidiaries.
MFC is the manger of the Lucky Break nickel project and is responsible for all development costs as part of its earn-in agreement. Metallica is free carried and will receive its share of theoperationg surplus once the project is in operation and MFC has recouped its capital investemtns an then sharing cash flow thereafter.
The project is to be developed and brought into nickel production at no extra cost to Metallica and hence does not dilute shareholder equity.
The other key advantage is that it provides Metallica with significant hydrometallurgical operation experience and know-how, ahead of the proposed larger scale NORNICO Stage 1 development at Greenvale.
MFC recently completed a revised internal Feasibility Study, incorporating revisions in scale to approximately 60ktpa higher grade nickel ore processing operation.
The proposed nickel operating is of modest size, with nickel production in the order of 700 tonnes nickel metal per annum.
The Lucky Break project is 50% MFC and 50% Metallica Minerals.
MFC is the manger of the Lucky Break nickel project and is responsible for all development costs as part of its earn-in agreement. Metallica is free carried and will receive its share of theoperationg surplus once the project is in operation and MFC has recouped its capital investemtns an then sharing cash flow thereafter.
The project is to be developed and brought into nickel production at no extra cost to Metallica and hence does not dilute shareholder equity.
The other key advantage is that it provides Metallica with significant hydrometallurgical operation experience and know-how, ahead of the proposed larger scale NORNICO Stage 1 development at Greenvale.
MFC recently completed a revised internal Feasibility Study, incorporating revisions in scale to approximately 60ktpa higher grade nickel ore processing operation.
The proposed nickel operating is of modest size, with nickel production in the order of 700 tonnes nickel metal per annum.
The Lucky Break project is 50% MFC and 50% Metallica Minerals.
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