Nickel 28 plans to accelerate construction debt repayment

Chicago, Jan. 30 – Nickel 28 Capital Corp. is planning to accelerate repayment on its construction debt that had an outstanding balance of approximately $73 million as of Oct. 31, according to a press release.

Funding for the repayment will come from free cash flow from the sale of nickel and cobalt from the Ramu Nickel project.

The company plans to use funds received through the balance of 2023 and into 2024.

Subject to nickel and cobalt prices, production rates, production costs and payabilities, the company anticipates the debt being fully repaid during 2024.

Nickel 28 Capital is a nickel-cobalt producer through its 8.56% joint-venture interest in the producing, long-life and world-class Ramu Nickel-Cobalt Operation located in Papua New Guinea. The company is based in Toronto.

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