GR became a substantial holder following the completion of IMX's plan of arrangement with Continental Nickel (TSXV: CNI) - with IMX acquiring all of the issued capital in Continental that it didn't already own.
Under the takeover offer, Continental shareholders received 3.7 IMX ordinary shares and half of an ordinary share purchase warrant of IMX for each Continental share held.
IMX had at the beginning of this month released results of the updated preliminary economic assessment for the development of the Ntaka Hill Nickel Sulphide Project, showing that it had a healthy cash margin despite current low spot metal prices.
The project has average C1 cash costs of USD 5.00 per pound of payable nickel which is mid range for global nickel producers, estimated mine life of 15 years and average annual contained nickel production of 10,000 to 15,000 tonne per annum.
The Project is located approximately 250km west of the port town of Mtwara, and is part of the 100% owned Nachingwea property in south eastern Tanzania.
Nachingwea is highly prospective for nickel and copper sulphide, gold and graphite mineralisation, and currently has a Measured Resource of 28,400 contained nickel tonnes, an Indicated Resource of 126,300 contained nickel tonnes and an Inferred Resource of 135,000 contained nickel tonnes.
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