Nickel Industries wins approval for study to expand Hengjaya mine

The news: Nickel Industries has received approval for its feasibility study to expand the company's 80% owned Hengjaya mine in Indonesia.

The numbers: The miner said the approval from Indonesia's Ministry of Mines is an "important milestone" towards its aim of increasing Hengjaya ore sales from 9 million to 19 million wet metric tonnes per year.

Nickel Industries shares were down 2.3% to 64.5 cents shortly after the announcement.

The context: The company said it will now submit an environmental impact study, targeting full approval by the second half of 2025.