Additional Information
Market: AIM
Sector: General Mining - Nickel and Cobalt
EPIC: ENK
Latest Price: 9.38p  (-2.60% Descending)
52-week High: 21.25p
52-week Low: 8.88p
Market Cap: 24.59M
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ENK (AIM/PLUS/ASX: ENK) is an emerging mid-tier nickel laterite producer focused on growth with assets in Turkey, the Philippines and Albania.

ENK has developed an innovative, low cost, environmentally sensitive heap leach technology, which offers a competitive edge over conventional nickel laterite processing.

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ENK says non-exec McManus retiring from the board today

13th Jan 2012, 7:23 am by Giles Gwinnett Last month, ENK, which is focused on the Philippines, said the money it raised from the sale of its Caldag mine in Turkey will be crucial to develop its flagship Acoje mine

John McManus, non- executive director of nickel miner ENK (LON:ENK, ASX:ENK), is retiring from the board today.

The firm said Canadian-based mining engineer McManus was leaving because of other business commitments.

The structure of the board now comprises three non-executives and two executives, it added.

Last month, ENK, which is focused on the Philippines, said the money it raised from the sale of its Caldag mine in Turkey will be crucial to develop its flagship Acoje mine.

ENK sold Caldag in September for $40 million and chief executive Rob Gregory told Proactive Investors that this meant management could now focus solely on getting Acoje built.

“A key tenet of mining is not to dilute shareholders. By having this money we can get news out, get the work done on the feasibility study and work towards getting strategic offtake arrangements.  As we do all of that the share price will follow.”

Gregory said deals with strategic partners were another key plank of the plan as Acoje is very amenable to project finance through forward sales and off-take agreements.

In the group’s interim statement, also last month, the firm said it hoped to announce a new JORC resource for Acoje soon, along with new economics for the project.

The key BFS is also on track for completion in the second quarter of 2012. The firm plans to start building work on the site soon after the BFS is complete.

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