Pacific Nickel Mines to Sell Kolosori Nickel Project to Green Rock in Strategic Deal

Pacific Nickel Mines Ltd. (ASX: PNM) has announced plans to sell its flagship Kolosori Nickel Project in the Solomon Islands to Green Rock Resources, marking a major strategic shift for the Australian-listed miner as it looks to streamline operations and strengthen its financial position.

Under the terms of the proposed agreement, Green Rock will acquire 100% ownership of the Kolosori project for a combination of cash and equity, with Pacific Nickel expected to retain a minority interest or royalty arrangement, ensuring ongoing exposure to the project’s future success.

Located on Isabel Island, the Kolosori Nickel Project has been one of Pacific Nickel’s key development assets, boasting high-grade laterite nickel deposits and a favorable open-pit mining profile. The project recently commenced small-scale direct shipping ore (DSO) operations, with production expected to ramp up over the next year.

Pacific Nickel’s Managing Director Geoff Hiller said the sale would allow the company to focus on advancing its Jejevo Nickel Project and exploring new growth opportunities across the Pacific region. “This transaction provides immediate value to shareholders while ensuring the continued development of Kolosori under a well-funded partner,” Hiller said.

Green Rock Resources, a growing player in the critical minerals sector, said the acquisition aligns with its strategy to build a diversified portfolio of nickel and battery metal assets to meet rising global demand for electric vehicle (EV) supply chains.

Industry observers note that the deal highlights the ongoing consolidation within the global nickel industry, as producers seek to optimize resources amid fluctuating metal prices and evolving environmental standards.

Shares of Pacific Nickel Mines rose modestly following the announcement, reflecting investor optimism about the company’s refocused strategy and improved balance sheet prospects post-transaction.