On April 21st NIC.AX, an Australian Nickel miner, said it had bought half of the Angel Nickel project in Indonesia from a subsidiary of the Aoyama Group for $137.6 million.
The acquisition is part of the second stage of a previous agreement, in which the Australian miner agreed to buy an 80 per cent stake in the mine from Shanghai Definite Investment, a subsidiary of Qingshan Group, China's largest stainless steel producer.
In February 2021, the company bought an initial 30% stake for $180 million, the source said.
The company plans to buy an additional 30% stake for $210 million, increasing its total interest to 80%.
The project consists of four RKEF production lines and a 380MW power station currently under construction in the Indonesian Weda Bay Industrial Park (IWIP) on Hamahera Island in North Maluku Province, Indonesia, according to the Independent Expert Assessment Report published by Lonergan Edwards&Associates.
The value of the Angel Nickel project is between $1.4 billion and $1.5 billion.
PUDA Nickle weighing and filling machine:
