BUZZ-Indonesia-focussed Nickel Industries crashes as country mulls raising mining royalties

Reuters

03/11

BUZZ-Indonesia-focussed Nickel Industries crashes as country mulls raising mining royalties

** Shares of Australia's Nickel Industries NIC.AX tumble 27.8% to A$0.545; hit lowest since January 23, 2024

** Stock slumps after Reuters reported that Indonesia is considering raising royalties paid by mining companies from commodities like coal, nickel and copper, among others

** NIC operates a big portfolio of mining and downstream nickel processing assets in Indonesia

** NIC has several key assets in Indonesia, including the Hengjaya Mine and multiple rotary kiln electric furnace (RKEF) projects

** Stock down 28.5% YTD

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com))

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