Poseidon Nickel Ltd. intends to restart operations at its Black Swan nickel project in Western Australia following a recent surge in nickel prices.
The board approved an accelerated program of works including the rehabilitation of mine escape ladderways at the Silver Swan mine, all access ways and structures at the Black Swan plant, and the dewatering of the Black Swan open pit.
The work programs will be completed over the coming months and will cost an estimated A$2.9 million, according to the Sept. 6 release.
Nickel prices on the London Metal Exchange recently surged to a five-year high of US$18,850 per tonne as a result of Indonesia's decision to expedite restrictions on nickel ore exports from January 2022 to the end of 2019, Reuters reported.
Poseidon kicked off initial refurbishment of the Silver Swan decline in March to enable safe access from the Silver Swan decline into underground diamond drilling platforms for exploration drilling of the Black Swan ore deposit.
