Poseidon Nickel (ASX: POS) has jumped 12% in intra-day trade to $0.14 on heavy volume of over 2.3 million shares, with the company bucking the general sell trend on the ASX after some heavy falls on Wall Street overnight.
Poseidon has not only been attracting the interest of local investors, but recently gained a significant shareholder in Jefferies Bank - which is headquartered in New York.
Jefferies Bank acquired the shares and the Convertible Notes from Harbinger Capital Partners, who have been a long standing shareholder and supporter of Poseidon.
Poseidon is developing the Windarra project, the first new nickel project in Western Australia for many years, which is a high grade nickel sulphide deposit that has already demonstrated high recovery levels through a standard nickel floatation concentrator.
Initial concentrate production is targeted for 2014, with an expected minimum throughput capacity of 700,000 tonnes of ore per annum.
Earlier in the week Poseidon announced that the Premier, The Hon. Colin Barnett MLA, Minister for State Development, has indicated conditional approval for the company's application to recommence nickel mining at the site.
Importantly - the application included all of the necessary environmental and infrastructure approvals.
David Singleton, MD and CEO of Poseidon, said at the time: "This is an enormously important and successful outcome for Poseidon as it essentially gives statutory approval for the project subject only to final financing and offtake."
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