Sirius begins debt drawdown
UPDAT 2.30pm: Sirius Resources says it has begun drawing down funds from its $440 million debt facility to progress development of its Nova nickel project near Balladonia.
The aspiring miner said it had drawn down $57 million, which it described as another key milestone in the development of Nova, which was still on track to produce its first nickel concentrate in the fourth quarter of calendar 2016.
Sirius managing director Mark Bennett said the drawdown signified that everything was progressing to plan and that Nova was on track to commence production on time and on budget.
The company said the power generation contract was to be awarded shortly and mine optimisation studies were at an advanced stage.
Sirius shares were off 13 cents, or 3.65 per cent, to $3.43 at the close.
