Pacific Nickel Mines (PNM) subsidiary Pacific Nickel International (PNI) has agreed to sell 100% of its shares in the Kolosori nickel project in the Soloman Islands to Green Rock under a share sale and purchase agreement (SPA).
Located on Isabel Island, the Kolosori nickel project is a direct shipping ore nickel laterite project.
PNM holds an 80% stake in Pacific Nickel Mines Kolosori (PNMK), the owner and operator of the Kolosori nickel project, and Pacific Nickel Mines Varei, which owns the Lejevo project.
GRP & Associates has agreed to guarantee the buyer’s obligations under the SPA.
A key element of the transaction is the Glencore deed of release, signed with Glencore International, the financier of the Kolosori nickel project.
This deed releases PNM from all liabilities under the Glencore secured facility agreement, which currently guarantees $22m (A$33.85m), plus approximately $8.6m in accrued interest borrowed by the PNM group.
The deed of release will become effective upon completion of the SPA and is a condition precedent to closing the transaction.
Glencore initially secured a loan facility for the development of the Kolosori nickel project, which was later increased to $25m.
Additionally, PNI has entered into a royalty agreement with Green Rock.
Under this agreement, Pacific Nickel is entitled to a 1% royalty on nickel ore shipped from the Kolosori nickel project, provided that monthly shipments exceed 170,000 tonnes (t) and the benchmark price on the Shanghai Metals Market averages above $72/t.
PNM stated that it does not propose any changes to its board or senior management as a result of the sale.
Following a comprehensive review of the Kolosori operation and consultation with Glencore, the company previously announced that it would cease operations and review the project, citing operational challenges and a weak nickel price outlook in the short to medium term.
The PNM board has concluded that entering into the SPA for the sale of the Kolosori nickel project is in the best interests of the company.
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