by –News Direct–
Poseidon Nickel Ltd (ASX:POS, OTC:PSDNF) CEO Craig Jones speaks with Proactive a month into his new role. Jones says following the decision to defer the restart of the Black Swan project – due to adverse market conditions – the company has implemented initiatives to significantly reduce costs across the business. POS continues to progress key workstreams for Black Swan, including grid power studies with Western Power as well as additional metallurgical testwork to confirm recoveries and concentrate quality used in the November 2022 Bankable Feasibility Study.
Jones commented on the quarterly: Following the decision to defer the restart of the Black Swan project primarily due to adverse market conditions, we have implemented initiatives to significantly reduce costs across the business. There has been a number of board and management changes, reducing both the number of directors and executives in the business. There has also been a change in the care and maintenance operating model at Black Swan resulting in a material reduction in annual operating costs without impacting the restart timetable for the mine and processing plant when the decision to restart is made. The current cost savings implemented total circa $3 million on an annualised basis.
We continue to progress key workstreams for Black Swan, including grid power studies with Western Power, additional metallurgical testwork to confirm recoveries and concentrate quality used in the November 2022 Bankable Feasibility Study, assessing accommodation options in Kalgoorlie for the proposed FIFO workforce and continuing to engage with the two shortlisted offtake and debt financing providers."
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
Jonathan@proactiveinvestors.com
View source version on newsdirect.com: https://newsdirect.com/news/poseidon-nickel-talks-exploration-strategy-and-commercial-opportunities-721094224
Poseidon Nickel Ltd
COMTEX_442790430/2655/2023-11-01T14:49:39
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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