Mining

Mirabela to mine nickel in Brazil

August 3, 2009

Mirabela Nickel Ltd has joined the ranks of nickel producers with the commencement of mining at its flagship Santa Rita project in Brazil.

Mirabela is the first Australian company to mine nickel in Brazil and says Santa Rita has a life of 19 years.

The company will start with a production capacity of 4.6 million tonnes per annum (Mtpa), ramping up to 6,4 Mtpa in the December quarter.

"Only five years ago, we made the largest nickel sulphide discovery in over a decade and we remain on track to the be the largest independently owned nickel sulphide project worldwide," managing director Nick Poll said at the Diggers and Dealers mining conference in Kalgoorlie on Monday.

Mirabela last month completed an oversubscribed $117.5 million private placement to institutional investors in Australia, Europe and Canada.

Shares in Mirabela were up 12.9 per cent at $3.15 on Monday.

Source: Business Day, http://www.businessday.com.au/breaking-news-business/mirabela-to-mine-nickel-in-brazil-20090803-e76u.html