ASX-listed Nickel Mines has completed the acquisition of a further 20% interest in the Angel Nickel project, in Indonesia, taking its stake in the project to 50%.
Nickel Mines paid its project partner Shanghai Decent Investment Group $137.6-million for the 20% interest in the project, and could increase its shareholding in Angel Nickel to 80%, by paying a further $210-million before the end of December this year.
The Angel Nickel project comprises four next generation rotary kiln electric furnace (RKEF) lines within the Weda Bay industrial park, which would have an annual nameplate capacity of 36 000 to of nickel metal, and would include a 380 MW coal-fired power plant.
Nickel Mines said on Wednesday that construction of the project was progressing well, with all material earthworks and plant footings now largely completed, along with the start of fabrication of key long-lead items including boilers, turbines and generators.
- [Editor:Catherine Ren]