Nickel Mines is raising around $300mn in funding to complete its stake purchase in the Angel Nickel Project in Indonesia.
The Australian miner plans to double its nickel production in the next two years through the additional ownership in the Angel project. Nickel Mines had negotiated an additional 10pc stake in the mine with its partner in the project, Shanghai Decent Investment Group, in January, increasing its stake in Angel Nickel to 80pc, according to media reports.
Angel will be Nickel Mines’ third project in Indonesia. The company already operates the Hengjaya Nickel and Ranger Nickel rotary kiln electric furnace (RKEF) projects in the country. In January, Nickel Mines had reported a 7.7pc increase in its quarterly nickel production and a 16.6pc rise in its sales of the metal, attributed to record production from its Hengjaya mine.