Ardea Resources signs MoU with Japanese companies for $2bn nickel project

Map: Ardea Resources

Ardea Resources Limited announces that  the company has signed a non-binding Memorandum of Understanding (MOU) with Sumitomo Metal Mining Co., Ltd (SMM), Mitsubishi Corporation (MC), and  Mitsui & Co., Ltd (MBK).

SMM is a pre-eminent Japanese nickel-cobalt laterite development and production  company and together with Japan’s two largest trading houses, MC and MBK will  form the Consortium.

The MOU provides a framework for the Consortium and Ardea to negotiate a  binding agreement to complete the Kalgoorlie Nickel Project (KNP) Goongarrie  Hub Definitive Feasibility Study (DFS), make a Final Investment Decision (FID) and  jointly secure project development funding to develop this globally significant  nickel-cobalt resource.

Managing Director and CEO Andrew Penkethman noted:  “The Ardea Team will be working with well-regarded and experienced partners who  recognise the global significance of the Kalgoorlie Nickel Project to the renewable  energy supply chain and see the development advantages derived from our  location within the best resources operating jurisdiction in the world.Sumitomo Metal Mining are most successful in developing and operating nickel[1]cobalt laterite operations, whilst Mitsubishi and Mitsui have decades of project  development and operations experience in Australia and globally.

“Australia and Japan have particularly strong geopolitical alignment, with enduring successful business relationships. Japan has been integral to the development of  Australia’s iron ore, natural gas, and coal sectors for the benefit of both nations.  We look forward to Ardea and the KNP Goongarrie Hub joining the successful  Australia and Japan project development model and welcome the contribution of the Consortium in developing Ardea’s Battery and Critical Minerals projects.”