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Gambling on One Last Drill Hole Won Sirius a $1.4 Billion Deal

Sleeping in a tent in Australia’s outback and burning cash on a fruitless hunt for nickel, Mark Bennett’s Sirius Resources NL funded one last gamble on a drill hole in an obscure corner of Western Australia.

The pay off came three years later, with today’s headline takeover offer of A$1.8 billion ($1.4 billion) from Perth-based Independence Group NL for the company and the Nova-Bollinger nickel and copper project that the drilling discovered. It now ranks as Australia’s second-largest unexploited nickel deposit and is forecast to be the country’s lowest-cost nickel mine.