QNI ACQUIRES REMAINING 50 PER CENT OF RAVENSTHORPE NICKEL PROJECT
London and Brisbane, 9 March 2001
QNI Western Australia Pty Ltd (QNIWA), a subsidiary of QNI Pty Ltd, the
wholly-owned subsidiary of Billiton Plc, has reached agreement with Comet
Resources Limited to purchase Comet's remaining 50 per cent interest in the
Ravensthorpe Nickel Project in Western Australia at a cost of A$28 million,
plus the cancellation of its 19.9% interest in Comet.
Following completion, Billiton will own 100 per cent of the Project.
QNI managing director, Dr Chris Pointon said the purchase agreement was subject
to approval by Comet shareholders and the obtaining of a number of regulatory
approvals.
"We believe that Ravensthorpe is the best Australian laterite nickel project,
and our feasibility study is progressing very positively and confirming this,"
Dr Pointon said.
"We understand Comet's decision to divest, given the situation in the financial
markets and we wish them every success in future enterprises."
QNIWA first acquired 40 per cent of the Ravensthorpe Nickel Project in April
2000, later adding a further 10 per cent in September with the sale by another
venture partner.
Work on the feasibility studies for the Project is now at an advanced stage.
ends
Notes
Note: Comet Resources NL shares are listed on the official list of the
Australian Stock Exchange.
The Ravensthorpe Nickel Project comprises the construction of a mine,
beneficiation facility, acid pressure leach and hydroxide precipitation plant,
together with all associated utilities and infrastructure at Ravensthorpe in
Western Australia. The plant will produce a nickel/cobalt hydroxide
intermediate product to be shipped to an expanded Yabulu Refinery for refining.
Enquiries:
Marc Gonsalves, Senior Manager Corporate Affairs, Billiton Plc
Tel: +44 20 7747-3956 Mobile: +44 468 264 950
Fax: +44 20 7747-3903 email: mgonsalves@billiton.com
Brian Watt, Public Relations Advisor, QNI Pty Ltd
Tel: +61 7 3224 3400 Mobile: +61 419 175 248
Fax: +61 7 3229 2398 email: bpwatt@qni.com.au
Michael Campbell, Manager Public Affairs, Billiton SA Limited
Tel: +27 11 376 3360 Mobile: +27 82 458 2587
Fax: +27 11 376 3362 email: mcampbell@billiton.co.za
John Antcliffe/Michael Oke, Smithfield Financial: Tel: +44 20 7360-4900
Billiton website: http://www.billiton.com
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
