Poseidon Nickel

About

Historical Timeline

1969

1969

Discovery of a nickel gossan


Mr Ken Shirley, a Prospector with Poseidon Limited, discovered the Poseidon Nickel deposits at Mt Windarra and pegged some 40 claims in the area for the Company.  Nickel world-wide was in high demand and low supply and the discoveries created one of the largest mineral booms the Australian Stock Exchange had seen.

Feb 1970

Feb 1970

Poseidon Share price hits all time high of $270


In the five months from September 1969 to February 1970, Poseidon’s shares sky-rocketed from $1.85 to an incredible $280 per share.

1971

1971

Mt Windarra Underground Mine opens


Significant nickel producer in Australia.  A second major ore body was discovered on the tenement package 18km south of Mt Windarra in the early 1970’s and was mined as an open pit.  

1973-1991

1973-1991

Windarra Mine site processes 8 million tonnes of nickel ore


Grading an average for the two mines of 1.58%, producing 1 million tonnes of 10% nickel in concentrate.

1976

1976

Poseidon NL delisted


By the time Poseidon actually started producing nickel, the price of nickel had fallen and profits from the mine were not sufficient to keep Poseidon afloat, so the Company was delisted from the stock exchange.  Western Mining Corporation subsequently took over the mine operating it until 1991.

1989

1989

Mining Ceases at Mt Windarra


The halt of mining operations at Mt Windarra in 1989 left only the operations at South Windarra continuing for approximately another 2 years.

1991

1991

Mining Ceases at South Windarra


Once mining operations ceased at the South Windarra open mine in 1991, there were no longer mining activities being carried out at the site.

1994

1994

Windarra Mine closed


The Windarra Nickel Mine was closed in 1994 during a period of historically low nickel prices. Following the closure, WMC began the process of rehabilitating the mine site.  This rehabilitation process was carried out in line with the company’s environmental obligations and following completion the area became a historic heritage trail enabling the general public to view the site.

2006

2006

Niagara /WMC negotiations begin for the sale of the Windarra Nickel Project Assets


Following successful completion of commercial negotiations, the Minister for State Development approved a Deed of Assignment whereby WMC Resources Ltd assigned all of its rights and obligations under the State Agreement to Niagara.

2006

2006

Windarra Mine reopened


Dewatering and refurbishment of the Windarra Mine commenced under the Niagara Mining brand.

2007

2007

Niagara Mining Limited Becomes Poseidon Nickel Ltd


Following company restructuring and the appointment of a new board and management team in July 2007, the Company was renamed Poseidon Nickel Limited.  A deep drilling programme commenced following funding.

June 2008

June 2008

First significant Capital Raising


In June 2008, Poseidon Nickel continued the underground refurbishment of the Mt Windarra mine and secured US$50m project funding from Harbinger Capital Partners.

Oct 2008

Oct 2008

Windarra Mine on Care and Maintenance


In September 2008 the Global Financial Crisis caused Poseidon to place the Windarra Project on Care & Maintenance.  Operations came to a complete halt in October 2010.

Dec 2010

Dec 2010

Further significant Capital Raising


Following two years on care & maintenance, nickel prices started to increase and the Company signed a US$20m Convertible Note with Harbinger Capital Partners to assist with the development of the Windarra Nickel Project.

2011

2011

Recommencement of Underground Operations


Following a 2 year period on care & maintenance due to the Global Financial Crisis, Poseidon recommenced the underground rehabilitation at Mt Windarra.