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The Australian All Ordinaries fell back today on uninspiring overseas leads and more choppy commodity pricing.
The benchmark was down 1% at 5,044 points, with the energy sector suffering a 3.2% loss in value after oil prices retreated sharply.
Miners were also hard hit, with the materials sector down 2.2% on the session.
MARKET ACTION
Axiom Mining (ASX:AVQ), however, managed to buck the trend, with shares jumping as much as 22% before closing 17% higher at A$0.24.
This investor interest coincided with confirmation that the company was on track for a first shipment of nickel from its Isabel project in the Solomon Islands as a A$10 million financing facility and long-term offtake deal came into focus.
Planning, design and development work at the project with an eye on this near-term export scenario has paralleled a due diligence process with global independent trading house Gunvor Singapore for financing and offtake continues.
This follows from an initial offtake agreement for 500,000 tonnes of nickel ore and A$5 million ore pre-payment facility executed with Gunvor in December 2015.
This follows on the definition of enough resources at the site to support the first five years of nickel production.
The Gunvor investment and offtake, although still subject to due diligence, illustrate the high quality of the Isabel project and the strong economic fundamentals of Isabel and the Axiom strategy.
As global nickel demand continues to grow, few new projects are development ready.
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- [Editor:Sophie]
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