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ENK plc (AIM/ASX: ENK) is a nickel laterite development and production company focused on developing its Acoje project in the Philippines. ENK has developed a tank leaching technology to remove nickel from ore which is cost-effective, commercially viable and environmentally sensitive.

Website:
http://www.enk.co.uk/
Phone:
Address:
Super Sector:
General Mining - Nickel and Cobalt
Sector:
General Mining - Nickel and Cobalt
Industry:
EPIC / Symbols:
LON:ENK
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*subject to change and depends on individual circumstances.

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Director dealings

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Date Director Trans Amount Type Price(p) Value (£) Holding %
18/01/12 T.M.S. Hanlon BUY 100,000 ORD 11.50 11,500 776,800 0.30
16/12/11 T.M.S. Hanlon BUY 200,000 ORD 12.00 24,000 676,800 0.26
15/09/11 R.G.M. Gregory BUY 25,000 ORD 17.50 4,375 1,235,000 0.47
12/04/11 R.G.M. Gregory BUY 73,238 ORD 16.00 11,718 1,210,000 0.46
31/03/11 J.W. McManus BUY 100,000 ORD 15.50 15,500 100,000 0.04

Current Operations

Çaldag

The Çaldag mine in western Turkey is located near the deep port of Izmir.

The Project

The project has been designed to be a low cost, open pit operation, which will produce 20,000tpa of nickel and 1,000tpa of cobalt in a mixed hydroxide product (MHP) over a 14 year life of mine. This will be sold for processing into nickel and cobalt metal.  The deposit’s JORC proven reserves are 33.2Mt at 1.13%Ni (375,160t contained Ni).

The Çaldag project has been progressed to the point whereby the only outstanding item to successfully concluding the Western Bank project financing and commencing development of the project is the re-issuance of the forestry permit. Despite repeated assurances that the forestry permit will be re-issued, the Board has decided to put Çaldağ on care and maintenance and suspend project financing until such time that it receives the outstanding forestry permit. Upon receipt of the permit, the Board will re-assess the situation in light of the progress and development of the Acoje project.

For Caldag Site virtual tour please click here

Acoje & Zambales

The Acoje and Zambales deposits are based on Luzon Island in the Philippines.  The deposits have a combined JORC resource of 840,000 contained tonnes of nickel. The Company is fast tracking a Definitive Feasibility Study (DFS).

The proposed mining operation at Acoje will have a significant positive economic impact on the local and regional community.

Pre-Feasibility Study

A positive PFS demonstrated an economically viable, heap leach nickel laterite project, producing 24,500tpa nickel and 930tpa cobalt in mixed hydroxide product (MHP) over an initial 10 year life of mine. There is significant potential to extend the mine life by converting the JORC Inferred Acoje and Zambales Chromite deposits to JORC Indicated status.

The total development cost is estimated at US$498 million including infrastructure and working capital.

Definitive Feasibility Study

A DFS is underway at Acoje, which includes large scale batch testwork at the Acoje Test Centre (ATC). The test work programme for the 4m full column tests has passed its 100 day mark and is progressing in line with expectation. The ATC will provide all the metallurgical data required for the DFS.

In addition to the DFS, ENK will run a full scale heap leach trial to demonstrate the operability of the heap leach process under Philippines equatorial conditions, such as the use of raincoats. The DFS timeline is not dependent on the commencement of the heap leach trial.

The Zambales Deposit

At the Zambales deposit, an exploration programme focusing on the nickel saprolite ore is underway to increase the resource further.

Berong

The Berong mine is located on Palawan Island in the Philippines and majority owned by Toledo Mining (AIM: TMC).  ENK has a 23.7% beneficial interest in Berong Nickel Corporation (BNC) and a 7.7% interest in Toledo Mining.

Berong’s current JORC resource (compiled June 2007) is 9.92Mt at 1.55% nickel and represents only a small percentage of the tenement area.  There is strong potential to significantly increase this and a drilling programme is underway to prove up a JORC resource of around 30Mt. A total JORC resource of 40Mt is considered sufficient to support a 20,000tpa nickel processing operation.




Devolli/Koko JV

ENK is in a joint venture with the privately owned Balkan Resources to jointly develop Balkan’s Kokogllave (“Koko”) and ENK’s contiguous Devolli nickel laterite deposits in Albania.

The deposits are located in south-eastern Albania, close to the Greek border.  The Devolli nickel laterite deposit has a JORC resource of 427,000 tonnes of contained nickel (35.6 million tonnes at 1.20% nickel).  Balkan has completed a NI 43-101 technical report on its Koko nickel laterite deposit and it is intended to develop both deposits as one single mining operation. The Koko tenement has a historic resource estimate, which is neither JORC nor 43-101 compliant, of approximately 30 million tons at a grade of approximately 1.2% nickel.

Under the terms of the agreement, Balkan will earn its 50% interest in the joint venture by contributing the Koko deposit and funding, through to completion, a Pre-Feasibility Study (“PFS”) on the combined Koko/Devolli deposits to Canadian NI 43-101 standards. ENK will earn its 50% interest by contributing the Devolli deposit and granting access, via a licence agreement, to its heap leach technology, knowledge and experience.

If Balkan fails to complete the PFS by 31 December 2010, it shall transfer its interest in the Koko deposit plus all engineering, exploration and other data and studies conducted as part of the PFS to ENK for nil consideration.

The PFS, expected to cost some US$5-7 million, will require extensive drilling to bring sufficient tonnes into the indicated category to support a proposed production of 15,000-20,000 tonnes a year of contained nickel over a mine life of 15 to 20 years.  It will also be necessary to compile the engineering, mine development planning, environmental, infrastructure and other reports to substantiate the viability of this operation.

Management

David Whitehead (Non-Executive Chairman) 
David Whitehead is a geologist who has had 30 years of senior executive mining company management experience at general manager, chief executive officer and director level and with 40 years of involvement in all aspects of the mining business. He is a Chartered Engineer and a Fellow of the Institute of Materials, Minerals and Mining and has lived and worked in Europe, North and South America and Africa. David Whitehead led, or participated in, teams responsible for a number of notable mineral discoveries and development projects, which became important and profitable mines. Having held directorships on several company boards, he is currently a non-executive director of Latitude Resources Plc and Tertiary Minerals Plc. He retired from BHP Billiton in April 2002 and joined the Board of ENK in 2006.

Simon Purkiss (Executive Deputy Chairman)
Simon Purkiss is a metallurgical engineer with 25 years experience in the base metals and platinum group metals industries in various operational and business development roles at Impala Platinum Ltd and Billiton, and as chief executive officer of a joint venture with Norilsk Nickel. Simon Purkiss is one of the original founders of ENK and has been a director since its formation.

Robert Gregory (Managing Director)
Prior to the merger with Rusina Mining NL, Robert Gregory was the Managing Director of Rusina since 2005.  With over 20 years experience in the mining industry, he is a mining engineer with extensive mine development and operational experience.  His experience includes being Vice President – Mine Development for Climax Mining’s Didipio Project in the Philippines from 1996 – 2000, General Manager – Operations for Giants Reef Mining in Australia from 2003 – 2005 and he was responsible for the construction of the Tanjianshan Gold Project in Western China in 2005. Robert Gregory joined the board of ENK in 2010.

Mark Hanlon (Finance Director)
Prior to the merger with Rusina Mining, Mark Hanlon was the Finance Director of Rusina since 2006.  He has over ten years of experience in commercial and merchant banking, having worked for Partnership Pacific Ltd, Westpac and the Bank of New Zealand before entering commerce in 1994.  He has a broad background of senior executive experience across a wide range of industries, including mining services, electricity distribution, electronics contract manufacturing, packing and insurance. Mark Hanlon has previously held the position or equivalent position of CFO with other publicly listed companies such as Century Drilling and International Contract Manufacturing Limited.  He holds an Bachelor of Business Degree (Finance and Accounting) and a Master of Business Degree (Banking and Finance). Mark Hanlon joined the board of ENK in 2010.

† Member of the Remuneration Committee

 

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Major Shareholders

 

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Updated 11th March 2011

  • Contact Information

    UK Office

    ENK plc

    Third Floor

    49 Albemarle Street

    London W1S 4JR

     

    Tel: +44 (0)20 7290 3130

    Fax:+44 (0)20 7290 3149

    E-mail: info@enickel.co.uk

     

    Australian Office

    Level 1,

    83 Havelock Street,

    West Perth WA 6005

     

    Tel:  +61 (0)8 9226 1111

    Fax: +61 (0)8 9226 1011

     

    Turkish Office

    Sardes Nikel Madencilik A.S.

    Akdeniz Caddesi

    No: 14 Birsel Is Merkezi

    Kat: 5 D. 502

    35210 Konak

    Izmir

     

    Tel:  +90 232 455 0030

    Fax: +90 232 489 8060

    E-mail: www.sardesnikel.com.tr

     

    Philippines Office

    4th Floor, Pilgrim Building

    111 Aguirre Street, Legaspi Village

    Makati City, Philippines 1229

     

    Tel: +63 2 815 1656

    Fax: +63 2 815 1655

     

    Corporate Information

    Nominated Adviser and Broker

    Evolution Securities Ltd

    100 Wood Street

    London EC2V 7AN

     

    Joint Broker

    Mirabaud Securities LLP

    33 Grosvenor Place

    London SW1X 7HY

     

    Public & Investor Relations

    BuckBias Ltd

    Tennyson House

    159-165 Great Portland Street

    London W1W 5PA

     

    UK Registrars

    Computershare Investor Services PLC

    PO Box 82

    The Pavilions

    Bridgwater Road

    Bristol, BS99 7NH

     

    Australian Registrars

    Computershare Investor Services Pty Ltd

    Level 2, Reserve Bank Building

    45 St. George’s Terrace

    Perth WA, 6000

    GPO Box D182, Perth, WA, 6840

     

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