Nickel Industries shares slip as Indonesian mine acquisition payments deferred
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The news: Nickel Industries saw its share price slide after announcing that acquisition payments owed to Shanghai Decent for an Indonesian nickel-cobalt mine had been deferred and it intends to issue new debt.
The numbers: At 12:34pm AEST, shares in Nickel Industries were down 2.5% to 71 cents per share.
On Tuesday morning, Nickel Industries told the exchange that the two remaining acquisition payments for the Excelsior Nickel Cobalt project, collectively worth USD253 million ($384.2 million) had been delayed by six months.
The payments are now due on 1 July 2026 and 1 October 2026 respectively, although the miner said commissioning of the project is still on track for later this year.
The context: Nickel Industries said the deferral decision “reflects prudent balance sheet management” and demonstrates its strong partnership with Shanghai Decent. Nickel Industries also holds a 10% interest in Shanghai Decent’s Huayue Nickel Cobalt high-pressure acid leaching project.
On Tuesday morning, Nickel Industries also announced its intention to issue new senior unsecured notes and also intends to concurrently tender for its existing 11.25% senior unsecured notes maturing in October 2028.
As at 30 June 2025, Nickel Industries senior unsecured notes had a carrying value of about USD404.5 million.
