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Axiom scales back San Jorge operations in Solomon Islands awaiting export permit

Axiom Mining Ltd. scaled back operations at its San Jorge nickel deposit, part of its Isabel project, as the Solomon Islands government refused to grant the company an export permit.

The company said Aug. 22 that it has no date for the first ore shipment.

Axiom said it has satisfied all requirements for the permit and is talking with the government and considering legal options to enforce its rights.

The company mined about 26,200 wet tonnes of nickel ore in July, but production rates are expected to be significantly reduced in August.

Furthermore, Axiom engaged in due diligence with two private equity resource investors for a potential transaction to diversify its assets and provide access to nickel laterite processing expertise and additional finance.

The company received a A$300,000 loan at 8% interest for working capital purposes and was granted an exclusive period until Sept. 13.

The loan is repayable Aug. 16, 2020, and is secured over Axiom's shares in subsidiary Axiom Nickel (SI) Ltd.