Former gold miner Croesus Mining will shake up its operation and focus on the nickel market.
The firm has announced that it plans to create a new company called Sirius Resources and take control of properties owned by former gold prospector Mark Creasy.
Croesus is also planning to raise A$7 million (£3.5 million) by issuing shares to shore up its capital.
The move would see another firm, Apex Minerals taking a four per cent stake in Croesus, rising to 27 per cent in the future.
Sirius Resources would be given access to Apex Minerals' personnel and management expertise under a service agreement as part of the deal.
Apex Minerals managing director Mark Ashley said: "Creation of a new nickel and base metals explorer provides Apex shareholders with an opportunity to have an exposure to a fully-funded exploration programme in some of the world's most promising nickel regions while benefiting from the cash flow generated at Wiluna."
Production at the Wiluna gold project stood at 10,000 ounces in May.
© Adfero Ltd
Deloro Stellite is a global provider of wear solutions, manufacturing cast or finished machined Investment Castings, Sand Castings, Centrifugal Castings and Resin Shell Castings as well as components made by the Powder Metallurgy process and Stellite® 6B or Stellite®6K Wrought Products.
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