Australia-based Nickel Mines confirmed it has closed on its takeover of an additional 20% holding in Singapore’s Angel Capital, owner of the Angel Nickel project in Indonesia, and now holds half of the project.
The acquisition follows its initial interest acquisition, 30%, that it took in February.
Nickel Mines now has the right to further increase its holding in the project in the North Maluku province to 80% by the end of this year.
Currently, Angel Nickel is made up of four next-generation RKEF lines and a 380-megawatt power station that is under construction within the Indonesia Weda Bay Industrial Park on Halmahera Island.
“The Angel Nickel project is well progressed with all material earthworks and plant footings now largely completed, together with the commencement of fabrication of key long lead items including boilers, turbines and generators,” Nickel Mines officials said.
Source: Nickel Mines