IMX up on nickel interest

Shares in explorer IMX Resources have rocketed up 30 per cent after the company announced it had received expressions of interest for its Ntaka Hill nickel project in south-east Tanzania.

The company was trading at 1.3 cents per share at the time this article was written.

IMX said the expressions of interest were unsolicited, and followed the strong appreciation of the nickel price in recent months.

Nickel is up nearly $US3,000 per tonne since this time last year, to $US16,550, on the back of an Indonesian export ban of the commodity.

Allegations of commodity fraud at a Chinese port have also driven up the price of the metal, with China the world’s largest consumer of it.

The Ntaka project contains a measured and indicated resource of almost 120,000 tonnes of nickel, the company said.

A further 238,000t have been inferred.

Acting chief executive Phil Hoskins said the company wanted to secure a transaction of the asset, and focus on the assessment of its Chilalo graphite and Kishugu gold projects, both in Tanzania.

Last month, the company announced a $3 million entitlement offer to fund exploration projects.