Australian nickel producer raises A$200M for investments

Photo: Nickel Mines

Austalian nickel producer Nickel Mines has com-pleted its IPO on the Australian Securities Exchange, raising A$200 million (US$147 million). This is to allow the company to implement further investments in expanding its production capacities.

Nickel Mines is "confident of becoming a global significant nickel pro-ducer and tier-1 investment exposure among globally listed nickel companies. At our IPO market capitalisation of ~$485M we are very attractively valued compared to our peer group and would hope this valuation gap might quickly close as investors come to fully appreci-ate the merits of our operations," said Robert Neale, the chairman of Nickel Mines, in a letter addressed to the company’s shareholders.

Based in Australia’s Sydney, Nickel Mines says it holds an 80% stake in the Hengjaya Mineralindo Nickel Mine located in the Morowali Re-gency of Central Sulawesi, Indonesia.