Sirius receives Nova mining lease

Balcatta-based Sirius Resources has been granted a mining lease by the Department of Mines and Petroleum for its proposed Nova nickel project near Balladonia.

Sirius said the mining lease would allow it to start the process of obtaining the remaining approvals required, with an expected development commencement date of early 2015.

“This is yet another important milestone on our path to creating the best nickel mine in Australia,” Sirius managing director Mark Bennett said.

“This shows that despite the various fashionable negative views often expressed, Western Australia is a good place to explore, invest and do business.”

In July the nickel explorer released its definitive feasibility study for the Nova deposit, which put a cash cost of $473 million on developing a mine to production.

The mine is expected to have an initial life of 10 years and would generate $4.5 billion in revenue and net cash flow of $2.7 billion.

Sirius’s share price fell by 1.48 per cent to $3.99 per share at 11:50am.