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Ardea Resources Signs MOU With Japanese Consortium to Develop Kalgoorlie Nickel Project Ardea Resources Limited

Ardea Resources Signs MOU With Japanese Consortium to Develop Kalgoorlie Nickel Project

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On July 13, 2023, Ardea Resources Limited announced the signing of a non-binding Memorandum of Understanding (MOU) with a Japanese Consortium consisting of Sumitomo Metal Mining, Mitsubishi Corporation, and Mitsui & Co. , to develop the Kalgoorlie Nickel Project - Goongarrie Hub. The Consortium will join forces with Ardea to execute a scope of work for the Goongarrie Hub Definitive Feasibility Study, followed by the Consortium becoming the sole funder for the Definitive Feasibility Study.

Ardea Resources, a leading Australian minerals exploration and development company, provided valuable insights into its strategic partnership with a prestigious Japanese Consortium. The Consortium, consisting of Sumitomo Metal Mining, Mitsubishi Corporation, and Mitsui & Co. , will work together with Ardea Resources to define a scope of work for the Goongarrie Hub Definitive Feasibility Study. Once the scope is agreed, the Consortium will be the sole funder for the Definitive Feasibility Study.

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The main objective of the collaboration is to develop the Kalgoorlie Nickel Project - Goongarrie Hub into a globally recognised producer of nickel-cobalt, making it a critical resource for the lithium-ion battery sector. The development plan includes the completion of the Definitive Feasibility Study, undertaking several technical programs identified in the current Preliminary Feasibility Study, making a Final Investment Decision, and securing project development funding.

Ardea Resources' Managing Director and CEO, Andrew Penkethman, expressed delight at working with such experienced and well-regarded partners. Penkethman also highlighted the strong geopolitical alignment between Japan and Australia, and the success of their past business relationships in natural gas, coal, and iron ore sectors.

With this partnership with the Consortium, Ardea Resources aims to unlock the full potential of the Kalgoorlie Nickel Project - Goongarrie Hub. The project aims to provide a sustainable solution to the surging global demand for critical minerals in the lithium-ion battery industry.

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