Nickel Industries to Acquire Several Projects in Indonesia

By Editorial Team 19/01/2023
Summary

Australia’s Nickel Industries will raise US$471 million in capital to help fund the acquisition of several nickel projects in Indonesia, the company said on Wednesday, adding that it will also develop nickel for the battery sector. Reuters reported the company would also look to collaborate with Shanghai Decent Investment (Group) Co Ltd, a unit of one the world’s biggest nickel producers Tsingshan Group, to develop nickel batteries.

Nickel Industries, formerly Nickel Mines Limited, said it aims to transform its business from a historical focus on the stainless-steel market to being a leading producer of battery grade “Class 1” nickel through collaboration and acquisitions. As part of its buyouts, the company said it would buy a ten percent stake in Indonesia-based PT Huayue Nickel Cobalt for US$270 million from Newstride Development Ltd, an entity within China’s Tsingshan Group. It will also spend US$70 million for a ten percent interest in the Oracle Nickel Project in Indonesia, a project where it already has a 70 percent shareholding.

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