Metals X cuts Nickel portfolio to focus on Tin

It has been reported recently that, Metals X has agreed to sell its nickel assets to NICO Resources, including the Wingellina Nickel-Cobalt Project in Western Australia and the Claude Hills Project in South Australia.

According to Brett Smith, executive director of Metals X, the sale will guide the company to focus on developing its tin product portfolio. "combined with the company's recent sale of copper assets, the divestment of nickel assets is consistent with the company's strategy to focus on developing its tin product portfolio," he said. Metals X's 50 per cent joint venture at the Renison tin plant in Tasmania remains the company's main focus, and it hopes to work with shareholders as it will continue to push forward with the spin-off of nickel assets and enhance its status as Australia's largest tin. "

In February, Metals X agreed to sell its copper portfolio to Cyprium Metals for $60 million. This includes the operation of the Nifty copper mine in Western Australia. Metals X's nickel portfolio is owned by Metals Exploration, a subsidiary in which all shares will be sold to NICO. Metals X shareholders will acquire NICO shares through trading.

"the sale and spin-off of nickel assets allows Metals X shareholders to directly hold listing instruments focused on nickel assets, while allowing Metals X to retain significant investments in nickel assets in newly listed instruments," Smith said.

Metals X's nickel portfolio was sold for $5 million of shares. It is reported that the Wingellina project is Australia's largest undeveloped nickel and cobalt project, with 2 million tons of nickel and 154400 tons of cobalt mineral resources.