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Glencore International has committed a US$22 million loan to ASX-listed Pacific Nickel Mines which is expected to be enough to meet pre-production funding requirements of Pacific’s Kolosori Nickel Project in the Solomon Islands, Pacific said.
“The Company believes that the Project holds relatively low technical risk, and that capital payback will be achieved in under 12 months,” Pacific's CEO said.
"The Company anticipates that it will be in a position to affect an initial drawdown of US$3 million once documentation has been completed.
Drilling to start in June quarter
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