Australian firm Nickel Mines has raised its stake in Angel Capital, the holding company of the nickel mine in Weda Bay, Indonesia, by 20pc. Nickel Mines now has 50pc ownership of the project.
According to a release by the company, it will have the option to increase its interest in the mine to 80pc by December 31, 2021. It also noted that the construction of the rotary kiln electric furnace (RKEF) lines and power station is well underway and on schedule.
Along with its partner, Shanghai Decent Investment Group, Nickel Mines raised $300mn for the purchase last month. Together the four RKEFs are expected to produce around 36,000mt of contained nickel in nickel pig iron.