Update from the Chairman

At Poseidon we have never wanted to be just another junior mining company and have always had greater ambitions. Today, I am pleased to report our ambition to become ‘Australia’s New Nickel’ is taking clear and definable shape.


During the Financial year we completed our work at Windarra up to the full Definitive Feasibility Study which was the culmination of six year’s tireless work and determination. The delay in developing Windarra, due to nickel price and investment market factors, has been fortuitous, with unexpected superior opportunities arising which we have exploited. The agreement with BHP Nickel West is important in significantly reducing our capital needs and creating certainty to the execution of the project. We look forward to working with BHP Nickel West in the future.


The announcement of our agreement to purchase Lake Johnston and Black Swan gives a tremendous added dimension to our company and has the ability to transform our earnings in the future. Poseidon now has the second largest resource in mainland Australia outside of BHP. The purchase of these assets has advanced our company in a way which would otherwise have taken years. Poseidon is now a nickel company with multiple mines, production plants and income options.


Whilst there is still much to do, I believe that these new projects will come into production in time to take advantage of a strong nickel price. We anticipate the scale and profitability of our operations will reward our shareholders and put the company on a different level of investor appetite. There is much work to do to bring our three sites into profitable production.


The company will be larger and more complex in future. This will require development of the structure, governance, systems and procedures of a larger enterprise. I am confident that our team of high calibre, proven executives is up to this task and will relish it. From a personal perspective


I am pleased to have the opportunity to lead this company as its Chairman and I am excited to be able to play an active part in its growth.


Note: This is an extract taken from the 2014 Poseidon Nickel Annual Report for a full pdf copy click here.


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