Canadian business, Metals Finance Corp (MFC) said on Thursday it has continued work on the Palabora nickel project in South Africa and the Lucky Break nickel project in Queensland throughout the company's initial public offer (IPO) and listing on the ASX.
The funds raised from the IPO and cash at bank will be used to progress the development of the projects.
"The company has placed orders for all major equipment items required for the Palabora project and installation will commence early in the New Year, enabling projected commissioning of the project in line with the timeline outline in the company's prospectus," Metal Finance said.
Metals Finance listed on the Australian Stock Exchange on 20 December 2007 at an offer price of 50 cents per share, only to fall to 46.5 cents on its debut.
It is an international Canadian company providing project implementation and funding for the development of metal recovery projects. The company has two nickel projects targeted to be in production in 2008, these are Palabora in South Africa and Lucky Break in Queensland.
Stock in MFC fell to 43.5 cents at 10.20am AEST.
