Poseidon Nickel Ltd is in talks with a number of potential Chinese investors to fund restart of mine production within two years.

Mr David Singleton CEO of Poseidon Nickel said that “We are talking to investors and off take parties in China about the investment required to get us to go to production.”

Mr Singleton said that “One of the really powerful combinations in China is strategic investors, people who are already in the industry, coupled with investment from state owned banks.”

Mr Singleton said that the company plans to build a plant at Mt Windarra in Western Australia to turn ore into concentrates. He also added that the company is strongly looking at the possibility of using equipment sourced in China. It will have the capacity to process as much as 800,000 tonnes of ore a year.

Chinese companies are scouring the globe to secure raw materials to feed the world’s fastest growing major economy, targeting mining companies in need of funds. Poseidon is seeking between USD 50 million and USD 100 million for its Mt Windarra project which will supply stainless steel makers in China.

(Sourced from Bloomberg)