Home / Directory / List News / Detail News

Nickel Industries buys 51% stake in Siduarsi project

Nickel Industries

Wed 25 Sep 2024, 09:08 AM

Share

Events

Under the terms of a memorandum of agreement (MoA) signed in 2021, Nickel Industries purchased the majority interest through a milestone payment of 4 million of its company shares, following a 24-month exploration at Siduarsi.

The acquisition was contingent on an initial mineral resource at the project of more than 50 million dry metric tonnes (dmt) at 1.1% nickel. Nickel Industries announced an initial mineral resource of 52 million dmt of 1.1% nickel and 0.1% cobalt, equivalent to 561,000 tonnes of contained nickel metal and 31,000 tonnes of cobalt.

The MoA also gives Nickel Industries the option to increase its stake in Sudarsi to 82.5% upon completion of a feasibility study that is accepted by the Indonesian mining department.

Nickel Industries confirmed that it has submitted the feasibility study, proposing a 3 million wet metric tonnes direct shipping operation at Siduarsi. Upon acceptance of the feasibility study, the company said the contract of work (CoW) will move to a 30-year mining operation license.

Nickel Industries can eventually increase its interest to 100% ownership in the project, following a third-party valuation on the Siduarsi resource.

Nickel Industries shares lowered 0.9% to 84 cents at market open on the ASX.

The context: The Siduarsi project is a CoW held by PT Iriana Mutiara Mining and is one of four active nickel CoWs in Indonesia.

Advertisement

Relate News

News
03 Sep 2024, 01:20 AM

Bukit Asam (PTBA) Focuses on Increasing Coal Transportation Capacity

Bisnis/Abdurachman
1270 Views
News
09 Jul 2022, 10:23 AM

Indonesia's Bara Daya Energi outbids Adani in CIL tenders for coal imports

www.business-standard.com
3347 Views
News
04 Apr 2022, 10:10 AM

GroundProbe opens larger, more advanced geotechnical support service centre in Balikpapan, Indonesia

www.im-mining.com
2816 Views
News
03 Aug 2022, 10:26 AM

UNTR’s subsidiary channels USD 15 million to Cipta Coal Trading

www.idnfinancials.com
2712 Views
Hello! We would like to talk to you.Please fill the details below to start chatting with us.