On November 30, STX announced that drilling results for the Sulawesi nickel deposit priority area, in which it acquired a 20% stake in August 2022, revealed a 1.6-percent nickel layer. Nickel ore with pure nickel content of more than 1.6% after impurity removal is the preferred high quality nickel ore for local smelters.
This drilling result means that STX not only ensures early access to nickel, but also gains economic benefits and price competitiveness due to its high quality. Based on these results, STX plans to inject additional capital and manpower into the nickel mine to accelerate production schedules.
STX said: "We aim to secure annual nickel production of 2 million wet tonnes from the Sulawesi nickel mine, generating revenue of more than $130 million. Considering the current progress, we expect to start production in the first half of 2024."
