Business Description

Gladstone Pacific Nickel Ltd. The Group's principal activity is exploring for and developing nickel and cobalt minerals. It operates only in the mineral evaluation business within Australia and south-west Pacific region.

Gladstone Pacific Nickel Limited (GPNL) is an Australian mining development company presently undertaking a Definitive Feasibility Study (DFS) for the Gladstone Nickel Project (GNP). The company's vision is to build a major long-life nickel cobalt refinery at the deepwater Port of Gladstone, in Central Queensland, Australia, treating abundant high grade nickel laterite ores from New Caledonia and other south-west Pacific islands, underpinned by beneficiated ores from its own Marlborough deposits. The Project has the potential to be one of the largest of its type in the world producing some 126,000 tpa nickel (8 -10% of global nickel demand) and 10,400 tpa of cobalt metal from its first two stages.

The GNP will comprise of; a high pressure acid leach (HPAL) plant and metal refinery in the Yarwun Precinct of the Gladstone State Development Area (GSDA); nickel mines and loadout/shipping facilities in New Caledonia and potentially other south-west Pacific islands; ore importation facilities at the Port of Gladstone; a modern nickel mine and beneficiation plant at Marlborough with a proposed slurry pipeline to take the beneficiated ore to Gladstone; and a long-term residue storage facility located in the Aldoga Precinct of the GSDA.

KEY DATA:

Gladstone Pacific Nickel Ltd Ticker: GPN

GPN Directors/Managers :
Chairperson (Exec.): Mr RA Pearce (Robert)
Executive Director an d executive Chairman: Mr PJ Matheson (Peter)
Director (Non-Exec.): Mr AE Daley (Andrew)
Director (Non-Exec.): Mr JG Henderson (James)
Director (Non-Exec.): Mr PJ Watson (Peter)


Exchanges: LON
0 Sales: 0
Currency: Australian Dollars
Fiscal Year Ends: June
Share Type: Ordinary
Country: Australia
Major Industry: Metal Producers & Products Manufacturers
Sub Industry: Miscellaneous Metal Producers
Employees: 9
Market Capitalization: 143,348,407
Ordinary Shares in issue.41,909,716
Closely Held Shares: 9,575,000

16-03-2007 RAB Special Situations - 13,463,642 44.3700
11-04-2006 Andrew Daley - 1,250,000 5.9900


http://www.gladstonepacific.com.au/clientuploads/Presentations/GPNL_MajorProjectsConference_28Jul06.pdf

NEW project presentation!

http://www.gladstonepacific.com.au/clientuploads/Presentations/070326NewCalNiConfPresentation-English.pdf

http://www.gladstonepacific.com.au/index.php?src=


Useful Links

http://www.mineralprices.com/

http://www.lme.co.uk/nickel.asp

http://www.miningnews.net/

http://www.minesite.com/

yes waiting for FOGL to bottom out then im in like a Flash

is that a jumping jack flash flasher? i bought 2 x lots of 500 of these today - came up as ? on the trades - can confirm they are buys. (will prob drop like a stone as a result!)

ps Smiler/Flasher, 1 bought 500 worth of fogl too - missed the bottom but still look cheap to me

like the look of Western Zagros Resources too.... on the TSX and in Kurd controlled N.Iraq but lots of potential to go boom (both ways....)

Sounds good ajcc ;) I do like the potential of GPN, and FOGL !

chinese dont give damn about present nickel stockplie. china only give damn about 20 year supply story. china need nickel for next 20 year and dont want to let bhp and crony extort them on high price. china build gpn project and get 10% of world nickel supply for self. hahahahahah, that china strategy for world domination. you stupid westerner never understand china strategy. that what make us strong.

so in the possible words of a 'china man' this will go ahead. IMO. but idont think the risk reward is quite there yet, best to wait for some movement IMO.

china should leave tibet alone and stop torturing them in their own barbaric and disgusting way.
china should stop sending arms to mugabe.......and stop giving arms to burma....and darfur

the chinese authorities are a brutal and evil regime

There is movement and its Down KP !! ajcc how low ?

GLADSTONE PACIFIC NICKEL LIMITED (ACN 104 261 887)

('GPNL' or 'the Company')




GPNL FINALISES SHARES TO BE ISSUED TO JOINT VENTURE PARTNER




GPNL is pleased to announce an amendment to its agreement with SociMinie Georges Montagnat ('SMGM') and its shareholders, with whom GPNL have agreed to establish an incorporated mining joint venture ('JV') in New Caledonia, as announced on 20 August 2007. The JV Company has been incorporated and has obtained approval for exploration of the tenement area covered by the JV. An extensive drilling campaign commenced in February 2008 to confirm the resource potential to JORC standards.




Under the original agreement, approved by the Company's shareholders on 22 November 2007, GPNL had agreed to issue approximately 12 million shares to the SMGM shareholders, in August 2010. The exact number of shares was to be determined using a formula based on the GPNL share price at the time of issue of the shares. GPNL has now agreed to issue a fixed 15 million shares to SMGM in August 2010, as an amendment to this agreement. All other conditions of the SMGM agreement remain unchanged.




John Downie, GPNL CEO said, 'Fixing the number of shares to be issued gives GPNL certainty as to how many shares may be issued in the future and enables other transactions to be entered into in progressing the funding of its Gladstone Nickel Project. Fixing the number of shares avoids the possibility of a higher number of shares being required to be issued under the original formula and also gives the shareholders in SMGM certainty over their interest in GPNL'




Following the finalisation of certain administrative matters, GPNL will acquire an initial 1% shareholding in the JV entity and the right to appoint half the JV Company's directors. In return the shareholders of SMGM will be offered a seat on the GPNL board.




The issue of the fixed 15 million GPNL shares, in August 2010, will be consideration for the purchase of an additional 48% interest in the JV entity taking GPNL's interest in the JV entity, at that time, to 49%.




;) the games a foot

yeah but what about this dilution the 50% that palmer gets gives no value for the gpn business or assets - the land in gladstone, the people, permits, planning, feasibility studies, JV with new caledonia? or am i misunderstanding that ediga and the other company are more than shell companies?

:)

did you get any KP ? ajcc at least it moved !

it did Smiler - interesting news - just trying to decipher what it all means for the PI.....

With this latest news you would expect this share to fly now, but in these markets it may not what do you think ajcc/smiler

GLADSTONE PACIFIC NICKEL LTD

ACN (104 261 887)

('GPNL'' or 'the Company')




GPNL TERMINATES ORE SUPPLY HEADS OF AGREEMENT WITH SMT




As announced on 22 July 2008, the cross equity participation arrangements on the Ouinne SAS JV have now been fixed with SociMinie Georges Montagnat ('SMGM'). GPNL today announces the termination of its Heads of Agreement ('HOA'), to secure limonite nickel ore supply from New Caledonia, with Socides Mines de la Tontouta ('SMT').




The agreement with SMT provided GPNL with an option, upon payment of an additional option fee before 1 January 2008, to participate in the development of a new mine in New Caledonia. The date for payment of the option fee was extended, however, despite the efforts of both parties; the lack of success in obtaining access to the tenements for drilling purposes, has resulted in the Company electing not to exercise its option.




GPNL's CEO, Mr. John Downie, said, 'It became clear that access to the proposed new SMT mine site, to initiate drilling activities and then to continue with ultimate development, would be difficult and take a considerable amount of time. The Company's objectives will be better served by focusing its resources at other more immediate opportunities.'




Mr. Downie further added, 'GPNL's Feasibility Study (iDFS) did not include the supply of ore from the location under this HOA with SMT. Instead, it assumed that ore would be sourced from the Company's JV with SMGM at Ouinne in New Caledonia. Drilling is progressing at Ouinne with 3,871 metres of its 8,000 metre program complete.'




The iDFS included the purchase of 600,000 to 800,000 wet metric tonnes of limonite nickel ore per annum from SMT's existing mines under the HOA. The Company will however now source this ore from Ouinne through its Joint Venture with SMGM subject to appropriate approvals being granted by New Caledonian authorities.




'The Company continues to progress development of its ore resource base and will continue to work with SMT, outside of the previous HOA, to explore additional resource opportunities' said Mr. Downie.

Gladstone Pacific Nickel says terminates ore supply heads of agreement with SMT
AFX


LONDON (Thomson Financial) - Gladstone Pacific Nickel Ltd. said it has terminated the ore supply heads of agreement from New Caledonia with Socie des Mines de la Tontouta (SMT).

It said the agreement with SMT provided the company with an option, upon payment of an additional option fee before Jan.1, 2008, to participate in the development of a new mine in New Caledonia.

The company said it will now source limonite nickel ore from Ouinne through its joint venture with Socie Minie Georges Montagnat (SMGM) subject to approvals.

Separately, it said it has received a commercial offer for the turnkey procurement and construction contract from MCC.



tf.TFN-Europe_newsdesk@thomson.com

flasher I agree it should have done better !! I dont think this share has the following like TMC etc still has a lot of potential especially at 63p ! with luck Just a matter of time with this One ! ;)

30 July 2008

GLADSTONE PACIFIC NICKEL LIMITED (ACN 104 261 887)

('GPNL' or 'the Company')

SIGNIFICANT PROPOSAL RECEIVED

To enter into discussions regarding a merger




GPNL has received a proposal to enter into discussions regarding a merger with Resource Development International Ltd ('RDI'), an unlisted company controlled by GPNL's chairman, Clive Palmer (the 'Proposal').




Under the Proposal, GPNL shareholders would exchange their shares in GPNL for shares in RDI valued at 2.20 per GPNL share, based on RDI's IPO share price. The Proposal envisages that the merger would be implemented by way of a scheme of arrangement under the Corporations Act which would, amongst other things, require GPNL shareholder approval.




Clive Palmer holds approximately 13.95% of the shares in GPNL. Clive Palmer and Mr Domenic Martino are directors of RDI and GPNL.




Resource Development International Ltd

RDI is a company which has recently been formed to acquire substantial iron ore, nickel, exploration and energy interests. RDI is planning a proposed A$5 billion IPO in late 2008 and listing on the Hong Kong Stock Exchange ('HKSE') and/or the Australian Securities Exchange ('ASX').




RDI Proposal

The Proposal does not constitute a formal offer by RDI for GPNL shares. Should the Proposal be accepted by the Board of GPNL, a Scheme Implementation Agreement would be executed between RDI and GPNL to progress the opportunity.




At present, the proposed terms and key features of the Proposal are:




RDI will offer to acquire all shares in GPNL for shares in RDI by means of a scheme of arrangement;




The Proposal places a notional price of 2.20 on each GPNL share. The Proposal provides that the consideration to be offered to GPNL shareholders will consist of RDI shares, with the number of RDI shares to be issued for each GPNL share to be determined by dividing the sum of 2.20 by the UK currency equivalent of the price of an RDI share offered under RDI's disclosure document for its proposed IPO. It is not known at this stage what percentage interest GPNL shareholders would hold in RDI as a result, but it is likely to be a minority interest;




The proposed merger would be conditional on RDI listing on the HKSE. It is understood RDI may also consider applying to list on the ASX;




Details of the timing of the proposed merger and the listing of RDI have yet to be determined, however, it is proposed that the merger and the listing would be completed by late 2008;




The merger would be conditional on Australian capital gains tax rollover relief being available to GPNL's Australian resident taxpaying shareholders, mutual due diligence, material adverse changes and other conditions usual for a transaction of this nature;




Any scheme would be subject to the approval of GPNL's non-associated shareholders, Court approval and any other necessary regulatory approvals;




It is proposed that option holders would be required to cancel their options in exchange for cash consideration equal to the difference between the price paid by RDI for GPNL shares and the exercise price of the options.




Should terms of a proposed merger be agreed between RDI and GPNL, GPNL shareholders would be provided with an independent expert's report as to whether the proposal is in the best interests of GPNL shareholders;




Under the proposal, GPNL would become a subsidiary of RDI. The assets of GPNL would form part of RDI's proposed diversified asset base.




Implications for the EGM to be held on 14 August 2008

On 22 July 2008, GPNL gave notice of an Extraordinary General Meeting ('EGM') to be held on 14 August 2008. The EGM has been called to obtain shareholder approval for certain transactions with Mr Palmer.




Resolution 3 in the Notice of Meeting sought Shareholder approval for the introduction of an alternative event to trigger Mr Palmer's entitlement to a 25% interest in Marlborough Nickel Pty Ltd ('MNPL'). This possible future event being the making of an unconditional takeover bid or the completion of a takeover via a scheme of arrangement, by Resource Development International Limited, a Company associated with Mr Palmer and Mr Martino, at a minimum price of 2.20.




The following conditions were set out for this possible future takeover via scheme of arrangement:

Approval by a meeting of GPNL shareholders and by a court of competent jurisdiction under section 411(6) of the Corporations Act, of a scheme under which RDI will acquire all of the issued Shares in GPNL in which it does not already have a relevant interest in exchange for shares in RDI, at a value equal to or exceeding 2.20 per GPNL share; and

RDI raises at least US$1 billion in cash and RDI's shares are quoted on the Hong Kong Stock Exchange (or such other recognised stock exchange of a size and liquidity acceptable to GPNL); and

The scheme is approved by a court of competent jurisdiction on or before 31 December 2008 or, at the absolute discretion of GPNL, a date no later than 90 days after 31 December 2008.

If shareholders approve Resolution 3 and a merger by scheme of arrangement with RDI, meeting all of the above conditions, is completed then Mr Palmer would be entitled to convert the convertible shares in MNPL held by Dasines into ordinary shares in MNPL. This would result in the completion of the acquisition of Dasines by GPNL subject to shareholder approval being obtained for Resolution 2 at the EGM. Full details of these transactions are contained in the Notice of Meeting and Explanatory Memorandum sent to shareholders.




The board had contemplated the potential for such a Proposal and this was the motivation for amending the milestones to include a control transaction as set out in Resolution 3.

Shareholders should consider this information when deciding on how to vote on the Resolutions at the EGM and also refer to the information in section 3 of the Explanatory Memorandum.

Shareholders should also note that, even though RDI has made this Proposal, there is no certainty that agreement will be reached or that a control transaction will occur.

Next Steps

Having received the Proposal, the Board is under a duty to consider it and to determine whether it is in the interests of shareholders to pursue it. A Board committee of non-associated directors of GPNL will be formed to consider the proposal and conduct negotiations on behalf of the Board. The Board committee will consider the Proposal and its implications for all GPNL shareholders, and will make a recommendation to GPNL's shareholders in due course.




Advisors will be appointed to assist in the further negotiation and consideration of the proposal and the implementation of any agreed scheme.




All other project and corporate activities of the Company will continue as normal.

smiler can we take this proposal from Palmer/RDI seriously? Will RDI manage to raise $1billion from its IPO or is this all the usual "pie in the sky"?

Thats the big question AND I don't know for sure but I think it stands a good chance at 220.. and in this market ?, I for one would vote yes + I don't think RAB would take less ?? but time will tell !