TORONTO, Sept. 29, 2011 /CNW/ - Gladstone Pacific Nickel Limited (ACN
104 261 887) ("GPNL" or the "Company") announces that it has signed
legally binding contracts with the State of Queensland and Gladstone
Ports Corporation Limited to purchase land at Gladstone, Queensland to
be used for the Gladstone Nickel Project. Further details are set out
GPNL is party to legally binding agreements with the Queensland
Government to acquire land at Gladstone for its refinery and residue
storage facility for A$33 million subject to various approval and
development conditions. The Company has now concluded negotiations
with the relevant agencies to revise the content and timing of the
development conditions applicable to the land. The changes are as
Conditions as to the Marlborough mine being commenced and ore transport
and supply being contracted have been removed and replaced by a
condition that GPNL demonstrate (by 30 June 2015 or such later date as
the parties may agree) that it is committed to proceeding with the
proposed development of the Project.
GPNL will relinquish part of the area originally subject to agreement
and will grant a licence to the adjoining landowner, Wiggins Island
Coal Export Terminal Pty Ltd (WICET) to use parts of the land for lay
down purposes, for extraction of landfill and to undertake defined
works including the construction of bunds.
The condition as to the Project being financed has been removed and
replaced by a condition that GPNL raise sufficient funds (whether by
way of equity capital, debt funding (or a blend of the two) to enable
it to purchase the land.
The provision for a sunset date for extension of the date for
satisfaction of these conditions has been extended to 31 December 2016,
however the contract provides that this date will not be extended
beyond 31 December 2016 (except by agreement of the parties (acting
reasonably) in exceptional circumstances, with a specific provision
contemplating that this could occur if the time for completion of works
by WICET has been extended.
GPNL is able to proceed with the purchase of the land at any time,
subject to the availability of funds. GPNL considers that the
modification of the conditions as described above is advantageous for
its timetable for the development of the Project.
Gladstone Pacific Nickel Limited is an Australian mining development
company presently undertaking an Integrated Definitive Feasibility
Study for the Gladstone Nickel Project. The Company's vision is to
build a major long-life nickel cobalt refinery at the deepwater Port of
Gladstone, in Central Queensland, Australia, treating abundant high
grade nickel laterite ores from New Caledonia and other south-west
Pacific islands, underpinned by beneficiated ores from its own
Marlborough deposits. The Project has the potential to be one of the
largest of its type in the world producing some 126,000 tpa nickel (8 -
10% of global nickel demand) and 10,400 tpa of cobalt metal from its
first two stages.
This news release includes certain statements that may be deemed
"forward-looking statements". All statements in this news release,
other than statements of historical facts, that address future
exploration drilling, exploration activities and events or developments
that the Company expects, are forward looking statements. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may
differ materially from those in forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include metal prices, exploration success,
continued availability of capital and financing, and general economic,
market or business conditions.
SOURCE Gladstone Pacific Nickel Ltd.
For further information:
Blair Brewster - Gladstone Pacific Nickel Ltd Tel:+61(0)7 3231 7100