Nickel Industries shares up on further acquisition of Indonesian project
Make us a preferred source
Make us a preferred source on Google
The news: Shares in Nickel Industries jumped on the ASX after the nickel producer completed the acquisition of an additional 13.75% stake in the Excelsior Nickel Cobalt (ENC) project.
The numbers: Nickel Industries shared were up 3.7% to $0.84 by 2:30pm AEDT.
Earlier on Tuesday the Sydney-based miner announced it had increased its stake in the ENC by 13.75%, taking its total interest to 27.5%.
The additional stake was acquired through a cash payment of USD316.3 million ($487 million) to buy shares in the Singaporean holding company Excelsior International Investment, the owner of the ENC.
The context: Production at the Indonesia-based ENC is expected to begin in the final quarter of 2025.
In February, Nickel Industries reported record earnings and production levels for the year to December 2023, despite the sector suffering from plunging nickel prices.
The source: ASX announcement
