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Australia’s Nickel Industries said on Monday it would seek shareholder approval for a A$943 million ($620 million) share placement to pursue growth opportunities including potential expansion at its Excelsior Nickel Cobalt (ENC) project in Indonesia.
The nickel producer entered a share-sale deal in June to issue about 20% of its shares to PT Danusa Tambang Nusantara, a unit of Indonesia’s PT United Tractors Tbk, at a price of A$1.10 per share.
United Tractors is an indirect unit of Singaporean investment holding firm Jardine Cycle & Carriage Ltd.
Indonesia, which produces nickel from laterite ore, is increasingly readying to churn out higher value nickel to cater to the growing electric vehicle battery market.
The share placement will provide Nickel Industries an opportunity to investigate potential for doubling the production of its ENC project in Indonesia via a stage 2 expansion and support its diversification efforts.
The company said it would convene an extraordinary general meeting of shareholders on Sept. 8.
($1 = 1.5209 Australian dollars)
(By Himanshi Akhand; Editing by Dhanya Ann Thoppil and Subhranshu Sahu)
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