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Market: TSX, ASX
Sector: General Mining
Epic: TSX:MBN
News: Latest news
Web Site: Mirabela Nickel
Other Articles: 20-11-200903-11-200910-10-2009

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Thursday September 02, 11:00Baobab Resources identifies distinct ore domain at Tete’s South Zone

Baobab MD Ben James said the latest drilling results from the Tete project's South Zone characterise a distinct, higher mass recovery, ore domain.

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Thursday September 02, 08:15Indonesia edges closer toward uranium mining and nuclear power

After nearly five decades of national debate on the issue, Indonesia's central government may finally be ready to develop a national nuclear policy, which may lead to domestic uranium mining.

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Wednesday September 01, 01:25Green Dragon Gas reports significant growth as China’s thirst for energy continues

China's thirst for energy resources has continued with an increased focus on domestic supplies of gas, Green Dragon Gas chairman Randeep Grewal said today. In the company's interim results, [...]

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Mirabela Nickel

Mirabela Nickel

Mirabela Nickel Ltd is a mineral exploration company with a portfolio of prospective nickel and other base metal targets in Brazil.

Mirabela's lead project under development is Santa Rita - a disseminated nickel sulphide deposit in the state of Bahia. Production of nickel is targeted to commence in 2009. This is the largest nickel sulphide resource in South America and the largest greenfield nickel sulphide discovery in the world in the last 10 years.

Tuesday, March 03, 2009

Is Mirabela Nickel close to a deal?

Some market commentators have indicated that debt financing for Mirabela Nickel's (ASX:MBN,TSX:MNB) Santa Rita nickel mine in Brazil could be announced this week.  The company had previously indicated that an announcement was due on mezzanine financing more than a week ago. Mirabela is reportedly seeking up to US$200 million in senior debt and may also add an equity placement due to demand from North American resource investors.

The low cash costs per payable pound of nickel at Santa Rita quoted by the company, of US$2.85 per pound, should enable Mirabela to be profitable even at current low nickel prices and points to the attractiveness of the Santa Rita project when nickel mines are being shut down around the world. In addition, the concentrate grade and long mine life are strong selling points relative to other nickel mines and near producers.  Mirabela has firm off-take for all concentrate production until end 2014 with Votorantim and Norilsk.

Delays in financing may actually assist Mirabela as it looks to ramp up production in 2010, by which time nickel prices may have rebounded due to reduction in nickel inventories from capacity constraints and slowly increasing nickel demand.

Santa Rita has potentially more nickel than Vale Inco's Voisey’s Bay Ovoid nickel Reserves. Vale is a wholly-owned subsidiary of Companhia Vale do Rio Doce (Vale) (NYSE:RIO).  Interestingly, Vale owns 9.2% of Mirabela.

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