IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Indonesian nickel company Trimegah Bangun Persada (TBP), also known as Harita Nickel, has set its initial public offering price at 1,250 rupiah a piece to raise 10 trillion rupiah ($669.79 million) in proceeds.
The company will sell 12.67% of its stake in the IPO set for April 5-10, according to a company prospectus published on Tuesday.
The pricing was set at the higher end of the initial indicative offering range of 1,220 rupiah – 1,250 rupiah, but the number of shares is lower than the maximum 18% previously targeted.
The company in its partnership with China’s Lygend Resources currently operates a high pressure acid leach (HPAL) plant in Indonesia’s eastern Obi island, with an output capacity of 55,000 tonnes of mixed hydroxide precipitate (MHP).
It has subsidiaries that operate ferronickel smelters with a combined total capacity of 305,000 tonnes per year.
TBP’s planned investment will add 12 more lines to produce ferronickel and three more lines for MHP.
($1 = 14,930.0000 rupiah)
(By Fransiska Nangoy and Ananda Teresia; Editing by Ed Davies)
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