Proactiveinvestors recommends

Additional Information

Market:	AIM
Sector:	General Mining
EPIC:	ENK
Latest Price:	10.75 (-5.49% )
52-week High:	20.00
52-week Low:	10.75
Market Cap:	28.18M

1 year chart

1 day chart

ENK Full ENK profile here

ENK (AIM/PLUS/ASX: ENK) is an emerging mid-tier nickel laterite producer focused on growth with assets in Turkey, the Philippines and Albania.

ENK has developed an innovative, low cost, environmentally sensitive heap leach technology, which offers a competitive edge over conventional nickel laterite processing.

European Nickel director Neil Herbert buys 900,000 shares in co

Thursday, September 09, 2010

European Nickel PLC (LON:ENK, ASX:ENK) said it was notified today that non-executive director Neil Herbert bought 900,000 shares in the group through his self-invested personal pension at a price of £0.24 each.

Herbert thus has an interest representing 0.39 percent of the total issued share capital.

Last month, the company appointed John Wallace McManus to its board of directors, where he will represent the Hunter Dickinson group (HDI) - a major shareholder and strategic partner. European Nickel recently agreed the partnership with HDI, which saw the Canadian firm invest US$60m in return for a 27 percent equity stake.

European Nickel’s flagship asset is the Çaldağ nickel project, which offers near-term nickel production and will be one of the largest foreign direct investments in Turkey's mining industry. With proven JORC reserves of 33.2Mt (million tonnes) at 1.13% Ni, the mine is targeting 20,000 tonnes per annum of nickel production over a 14 year life of mine.

Using low cost, environmentally friendly, heap leach technology, it anticipates a net cash operating cost of US$3.59 per pound of nickel and project capital expenditure of US$277 million, which equates to a capital cost per annual pound of nickel of US$6.12. The project's NPV is US$490 million, at a 10 percent discount rate, with an internal rate of return of 32.4 percent at a nickel price of just US$7 per pound.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.