Australian Mines has raised almost $6 million in a share placement to help advance the Sconi project near Greenvale in North Queensland.

The company’s underwritten share purchase plan closed oversubscribed, with applications totalling $5.8 million received from eligible shareholders.

The funds raised will be used to advance the Sconi cobalt-nickel-scandium project in North Queensland and for general working capital.

“We value the ongoing support from our shareholders as we progress the Sconi cobalt-nickel-scandium project in North Queensland through to a Final Investment Decision during the second half of this year,” 
Australian Mines managing director Benjamin Bell said.

The $1.4 billion project aims to produce nickel, cobalt and scandium for use in battery manufacturing, electric vehicles and similar high technology applications for export markets.

Two million tonnes of ore per annum would be processed at the Greenvale site producing an estimated annual average production of 8500 tonnes of cobalt, 53,500 tonnes of nickel sulphate and 77 tonnes of scandium oxide.