ConsMins’ nickel buy in
CONSOLIDATED Minerals has agreed to invest $1.8 million in junior nickel explorer Mithril Resources, giving it an exposure to potential growth opportunities.
The investment, by way of a share placement, will give ConsMin a 13 per cent holding.
Mithril specialises in nickel sulphide exploration, with prospects in South Australia, Western Australia and the Northern Territory. It also has an alliance giving it access to BHP Billiton’s Australian geophysical database The alliance gives BHP Billiton the right to joint venture into Mithril’s projects.
ConsMin managing director Michael Kiernan said there was potential for ConsMin to participate in smaller projects where BHPB declined to be involved.
The investment also gives ConsMin “low risk exposure in nickel and potentially adding a fourth commodity to our portfolio which is complementary to our existing carbon and stainless steel materials focus”.