Australia’s nickel miner Nickel Mines Ltd has in-creased its stake in Indonesia’s Rangel nickel project from 17% to 60%. The business acquired the shares for some US$121.4 million.
"With the company now having a 60% ownership interest in both the Hengjaya Nickel and Ranger Nickel projects we are now firmly on track to reporting in excess of 20,000 tonnes per annum of attributable nickel metal production and establishing Nickel Mines as a globally significant nickel producer," said Justin Werner, the managing director of Nickel Mines, as quoted in a statement. "We look forward to providing further updates to the market as Ranger continues to ramp up to full production over the coming months."
Nickel Mines is listed on the Australian Securities Exchange (ASX) and has a financial, operational and strategic partnership with China’s steel producer Tsingshan group.