Nickel Industries Becomes Largest Shareholder of Indonesian Nickel Cobalt Project; Shares Gain 3%

MT Newswires Live

04/01

Nickel Industries (ASX:NIC) has closed the purchase of a final 2% interest in the Excelsior nickel cobalt project from Decent Resource, making it the biggest shareholder in the high-pressure acid leaching project, according to a Wednesday filing with the Australian bourse.

Nickel Industries now owns a 46% stake in the Indonesia-based project after the payment of $46 million to Decent Resource.

The project has commenced commissioning and is targeted for a production ramp-up in the coming quarters, Nickel Industries Managing Director Justin Werner said.

The company's shares gained 3% in recent trade.

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