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Sirius secures Nova mining lease

Sirius Resources managing director Mark Bennett on site of proposed processing plant, at the Nova project. Picture: Peter Klinger/The West Australian.

UPDATE 2.15pm: Sirius Resources says it has secured a mining lease for its celebrated Nova nickel project near Balladonia.

The explorer said it would now pursue the remaining approvals required for it to begin construction on the project early next year.

Sirius managing director Mark Bennett described the mining lease as yet another important milestone on the company's path to creating the "best nickel mine in Australia".

He thanked the WA Department of Mines and Petroleum for making the process efficient.

"This shows that despite the various fashionably negative views of ten expressed, WA is a good place to explore, invest and do business," Mr Bennett said.

Sirius estimates Nova will cost $473 million to build, which the company plans to fund via existing cash reserve of $244 million and debt funding.

First ore is expected from the project in the second quarter of 2016 and first concentrate by the fourth quarter of the same.

Shares in Sirius fell 10 cents, or 2.47 per cent, to close at $3.95.