Australia’s Nickel Mines Ltd said on Wednesday it would acquire a 70% stake in the Oracle Nickel project in Indonesia in a $525 million deal, as it sets its eyes on becoming a global top-10 producer of the commodity.
Under the deal, Nickel Mines will pay investment firm Shanghai Decent Investment (Group) Co Ltd US$371 million and will be obligated to pump a further US$154 million towards construction of the project.
Actual construction costs for the project, together with a 380 megawatt power plant, will not exceed US$750 million, the miner said in a statement.
Read more/Source: Reuters
