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Gunsynd PLC on Wednesday said its investee Pacific Nickel Mines Ltd has entered an agreement with Baar, Switzerland-based Anglo-Swiss commodity trading and mining company Glencore PLC.
Pacific Nickel entered a non-binding three-year $22 million pre-export finance facility with Glencore, Gunsynd said. Pacific Nickel and Glencore also agreed a four-year offtake arrangement for all of the production at Kolosori, a nickel project based on Isabel Island in the Solomon Islands.
‘The proposed debt facility will cover a substantial portion of the pre-production investment required to develop the Kolosori project’, explained Gunsynd, a London-based investment company focused on the natural resources, life sciences & alcohol sector.
Gunsynd shares were up 14% to 0.60 pence each on Wednesday afternoon in London while Glencore's shares traded 1.3% higher at 489.35p each.
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