- Pacifico Minerals’ (PMY) Sorby Hill Project has progressed to the next stage of the Northern Australia Infrastructure Facility’s (NAIF) assessment process
- NAIF is a Federal Government program aimed at providing $5 billion worth of loans to projects based in the country’s top-end
- Pacifico has put forward its planned Sorby Hills Lead-Silver-Zinc Project, located in WA’s Kimberley region, to the fund for approval
- Sorby Hills has now passed the strategic assessment phase and will progress to the due diligence stage
- Shares in PMY are up five per cent to trade for 2.1 cents each
Exploration company Pacifico Minerals (PMY) has announced its Sorby Hill Project has progressed to the next stage of the Northern Australia Infrastructure Facility’s (NAIF) assessment process.
NAIF is a Federal Government program which aims to provide $5 billion in funding to projects based in the country’s top-end which will benefit the area.
Pacifico’s 75 per cent owned Sorby Hills Lead-Silver-Zinc Project is a proposed major mining project located in WA’s Kimberley region — the northernmost part of WA.
At its peak, the project is expected to create almost 350 jobs, with the priority to go towards hiring locals from the Kimberley.
Pacifico applied for Sorby Hill to be assessed by NAIF for funding, and the company said the project has now passed the strategic assessment phase of assessment.
Government officials have also signed off on progressing the project to the next stage, which is where they undertake due diligence.
“Pacifico is delighted to have received confirmation that NAIF has progressed Sorby Hills to the due diligence stage of its debt funding assessment process,” Pacifico Managing Director Simon Noon said.
“NAIF’s decision provides additional confidence as we progress our Definitive Feasibility Study. The decision also encourages us to explore opportunities that
both add value to the Project and deliver positive economic and social outcomes for the local community,” he added.
Shares in PMY are up five per cent to trade for 2.1 cents each at 10:33 am AEST.