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Additional Information
Market: AIM
Sector: General Mining
EPIC: ENK
Latest Price: 11.75  (0,00%)
52-week High: 20.00
52-week Low: 11.00
Market Cap: 30.80M
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ENK
www.enk.co.uk

ENK (AIM/PLUS/ASX: ENK) is an emerging mid-tier nickel laterite producer focused on growth with assets in Turkey, the Philippines and Albania.

ENK has developed an innovative, low cost, environmentally sensitive heap leach technology, which offers a competitive edge over conventional nickel laterite processing.

Full ENK profile here
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European Nickel director Neil Herbert buys 900,000 shares in co

9th Sep 2010, 12:37 pm

European Nickel PLC (LON:ENK, ASX:ENK) said it was notified today that non-executive director Neil Herbert bought 900,000 shares in the group through his self-invested personal pension at a price of £0.24 each.

Herbert thus has an interest representing 0.39 percent of the total issued share capital.

Last month, the company appointed John Wallace McManus to its board of directors, where he will represent the Hunter Dickinson group (HDI) - a major shareholder and strategic partner. European Nickel recently agreed the partnership with HDI, which saw the Canadian firm invest US$60m in return for a 27 percent equity stake.

European Nickel’s flagship asset is the Çaldağ nickel project, which offers near-term nickel production and will be one of the largest foreign direct investments in Turkey's mining industry. With proven JORC reserves of 33.2Mt (million tonnes) at 1.13% Ni, the mine is targeting 20,000 tonnes per annum of nickel production over a 14 year life of mine.

Using low cost, environmentally friendly, heap leach technology, it anticipates a net cash operating cost of US$3.59 per pound of nickel and project capital expenditure of US$277 million, which equates to a capital cost per annual pound of nickel of US$6.12. The project's NPV is US$490 million, at a 10 percent discount rate, with an internal rate of return of 32.4 percent at a nickel price of just US$7 per pound.

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