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Nickel Mines to limit stake acquisition option at Hengjaya nickel project to 80%

Nickel Mines Ltd., owner of a 60% stake in the Hengjaya nickel industry rotary-kiln electric furnace project in Indonesia, agreed with partner Shanghai Decent Investment (Group) Co. Ltd. to limit its contractual option to further equity interest in the project to no more than 80% from the previous 100%.

Both parties also agreed to extend the option period by which Nickel Mines can acquire further equity interest in the project to Nov. 30, 2020, from the previous deadline of Jan. 31, 2020, Nickel Mines said Sept. 9.

These amendments align the terms of the collaboration and subscription agreement signed in September 2017 with the contractual terms, which govern Nickel Mines' rights to acquire further equity interest in the Ranger nickel industry rotary-kiln electric furnace project in Indonesia.

In June, the company said it had raised A$55 million, which would form part of a US$121.4 million financing package for its planned stake increase in the Ranger nickel project.