SCOTTSDALE (Yosefardi) – Key Capital Corporation has entered into funding agreements for nickel project in Papua after completing initial due diligence and site visit.
Indonesia seeks to process nickel laterite and underlying saprolite in Jayapura, Papua. The concentrate will then either be sold within Indonesia, or the Project interests will enter into agreement for rotary kiln arc furnace value-add processing through a joint venture or similar structure.
The Project requires a first phase funding commitment of US$3.25 million to proceed and a further US$5.25 million in a second phase funding.
Following funding and an earn-out payment to a current major owner, Key Capital will hold a 75% interest in the Project.