Peter Sullivan-led Zeta Resources is set to increase its position in Perth-based nickel company GME Resources to nearly 50 per cent following the acquisition of investment firm Axelrock for $50.1 million.

Sydney-based Zeta currently holds a 10 per cent stake in GME, which owns the NiWest nickel-cobalt project located between Laverton and Leonora north-west of Perth.

The purchase of Axelrock will increase Zeta’s position in GME to 44 per cent.

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