United Tractors' Subsidiary to Acquire 20% stake in Nickel Industries

By Editorial Team 08/08/2023
Nikel
Summary

Australian miner Nickel Industries has called an Extraordinary General Meeting (EGM) seeking a share deal with PT Danusa Tambang Nusantara (DTN).

Mining-technology.com reported Nickel Industries wants shareholder approval for the divestment of 857 million shares at A$1.10 per share, equivalent to US$620 million of investment.

The 857 million shares equate to roughly 20 percent of the total shareholding of Nickel Industries. DTN is a subsidiary of manufacturer PT United Tractors Tbk (UNTR) and is the holding company for its mineral business.

Most of the US$620 million investment will be used to finance Nickel Industries’ purchase of a 55 percent stake in the Excelsior Nickel Cobalt project (ENC). The high-pressure acid leaching plant expects to produce as much as 72 tons per year of nickel equivalent.

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