Australian stocks have started the week on a negative note with banks pulling the ASX200 down 33.5 points, or 0.6%, to 5,186.1.
While the materials index was down 0.5% to 8,262.2 points, this junior miner has drawn investor attention with its nickel project in the Solomon Islands.
Shares in Axiom Mining (ASX:AVQ) rose with more than 7.7% to $0.014 with more than 12.8 million shares traded.
In November, the company revealed it was in negotiations with debt and equity financiers and project level joint venture partners to fund development of the Isabel Nickel Project in the Solomon Islands.
The discussions are regarding funding and equity at both the asset and group level.
As well negotiations are occurring with nickel industry participants and mining services providers over mine development and operation, processing of ore and offtake agreements.
Discussions are underway with debt and equity financiers and project level joint venture partners regarding funding and equity partnership at both the asset and group level.
Axiom is working toward funding and establishing strategic relationships to expedite the development of the Isabel Nickel Project.
Axiom’s title to the Isabel nickel deposit was recently upheld by the High Court of the Solomon Islands.
Drilling is underway and evaluation with the aim of moving to production within the next 12–18 months.
The Kolosori tenement covers 49 square kilometres on Isabel Island and is covered by Axiom’s leasehold and prospecting licence.
It has historic and non-JORC resources estimated at 159 million tonnes at 1.045% nickel and 0.07% cobalt.
And now for the Blue Chips.
Big 4 banks
ANZ Bank (ASX:ANZ) down 0.8% to $30.76
Commonwealth Bank (ASX:CBA) down 0.6% to $81.27
National Australia Bank (ASX:NAB) down 1.5% to $31.48
Westpac (ASX:WBC) down 0.7% to $31.82
Other banks, financials and industrials
AMP (ASX:AMP) down 1.5% to $5.34
Bank of Queensland (ASX:BOQ) fell 1.7% to $11.72
Bendigo and Adelaide Bank (ASX:BEN) down 1.5% to $12.30
Macquarie Group (ASX:MQG) down 1.2% to $57.60
Suncorp (ASX:SUN) dropped 1.5% to $13.62
Telstra (ASX:TLS) up 0.7% to $5.74
BHP Billiton (ASX:BHP) down 0.5% to $28.33
Fortescue Metals Group (ASX:FMG) up 2.5% to $2.48
Newcrest (ASX:NCM) down 0.5% to $10.67
Rio Tinto (ASX:RIO) down 0.3% to $53.50
Oil and Gas
Oil Search (ASX:OSH) up 1.5% to $7.26
Santos (ASX:STO) up 4.2% to $7.46
Woodside Petroleum (ASX:WPL) up 2.3% to $35.39
JB Hi-FI (ASX:JBH) down 0.1% to $15.34
Wesfarmers (ASX:WES) down 2.2% to $40.52
Woolworths (ASX:WOW) dropped 2.2% to $29.20
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