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Heron Resources has partner in Inco

Local miner Heron Resources has signed a letter of intent to enter into a joint venture with US-based Inco Limited to develop its $1.4 billion Kalgoorlie nickel laterite project. The terms of the letter are that Inco will fund the remainder of the project costs, including any remaining feasibility studies and 95.5 per cent of equity financing. In terms of earnings from the project, Inco will earn 60 per cent, with Heron retaining a 40 per cent interest. According to managing director Ian Buchhorn, finding a suitable joint venture partner completed one of the major milestones for the project. “What this [letter of intent] does, is it clears the pathway to develop the mine,” he said. “Whereas before, all we could say is we had a significant resource base, but no means of developing it.” Heron had previously tried to develop its KNP with two other joint venture partners, including Centaur Nickel in 1999 and the Chinese Jinchuan Group in 2003. Centaur was placed into receivership in 2002, while Jinchuan was understood not to be satisfied with the grade of nickel at that stage. Shares in Heron closed 45 per cent higher on news of the announcement.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 31/10/18

1 year TSR5 year TSR
255thPo Valley Energy11%-2%
522ndHeron Resources-25%-15%
528thViking Mines-26%-12%
808thWhitebark Energy-75%-32%
821stWinchester Energy-79%0%
744 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

16/07/18
$13k Bought
29/11/17
$0 Issued
29/11/17
$0 Issued
Total value as at the date of the transaction
Source: Morningstar

Revenue

82nd-Winchester Energy$2.8m
83rd↑Whitebark Energy$2.8m
84th↑Heron Resources$2.8m
85th↑Viking Mines$2.8m
86th↑Po Valley Energy$2.7m
512 listed resources companies ranked by revenue.
Source: Morningstar

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