Exploration developer URU Metals has reported that Zebediela Nickel, a wholly owned subsidiary of URU, has been acquired by Blue Rhino Capital. Blue Rhino Capital has since changed its name to Zeb Nickel.
John Zorbas, CHIEF Executive officer of URU, said the deal with Zeb Nickel provided funding for the continued development of the Zebediela project. URU will continue to pursue the Zebediela project and upon completion of the transaction, URU will be the majority shareholder of Zeb Nickel, "said Zorbas.
He added that URU is a long-term shareholder of Zeb Nickel and that the board remains fully focused on developing the project and realizing value for URU and Zeb Nickel shareholders.
Located in Limpopo Province, South Africa, the project produces 20,000 tons of nickel per year during the mine's 25-year life. Once operational, Zebediela will be the world's 12th largest nickel mine, and expansion plans could put it in the top 10.
