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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Nickel Mines Ltd    NIC   AU0000018236

NICKEL MINES LTD

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Australia's Nickel Mines to limit stake hike option in Indonesian project

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09/08/2019 | 08:46pm EDT

(Reuters) - Nickel Mines Ltd said on Monday the company and its Chinese partner in the Hengjaya Nickel Industry (HNI) project in Indonesia have agreed to amend two contractual terms, including limiting the option for the miner to raise its stake in the project.

The move comes at a time when Indonesia has said it would stop nickel ore exports from Jan. 1, 2020, two years earlier than initially indicated, as it speeds up efforts to process more of its resources at home.

Nickel Mines, which currently owns 60% of HNI, said it would amend the agreement with partner Shanghai Decent Investment (Group) Co Ltd to limit its stake in the Rotary Kiln Electric Furnace (RKEF) plant to a maximum 80% from an earlier 100%.

RKEF is used for the smelting of ferronickel alloy.

Also, the period during which Nickel Mines can buy a further HNI stake has been extended by 10 months until Nov. 30, 2020.

Nickel Mines last month said it was increasing its stake in another Indonesian venture - Ranger Nickel Project - to 60% from 17% before Indonesia, the world's biggest nickel ore producer, expedited its exports ban earlier this month.

Shanghai Decent, which belongs to China's Tsingshan Group, the world's largest stainless steel producer, is a partner in both the Hengjaya and Ranger projects.

(Reporting by Aby Jose Koilparambil in Bengaluru; editing by Richard Pullin)

Stocks mentioned in the article
ChangeLast1st jan.
GOLD -0.62% 1488.58 Delayed Quote.16.82%
HNI CORP 0.82% 34.31 Delayed Quote.-3.95%
LME NICKEL CASH -0.71% 18200 End-of-day quote.74.33%
NICKEL MINES LTD 2.86% 0.72 End-of-day quote.171.70%
SILVER -3.40% 17.431 Delayed Quote.16.74%
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Financials (USD)
Sales 2020 344 M
EBIT 2020 266 M
Net income 2020 130 M
Finance 2020 157 M
Yield 2020 -
P/E ratio 2020 6,19x
P/E ratio 2021 3,59x
EV / Sales2020 1,94x
EV / Sales2021 1,25x
Capitalization 825 M
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Number of Analysts 3
Average target price 1,23  $
Last Close Price 0,50  $
Spread / Highest target 152%
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Justin Charles Werner Managing Director & Director
Robert Charles Neale Non-Executive Chairman
Tony Green Chief Operating Officer
Peter James Nightingale Chief Financial Officer & Executive Director
Norman Alfred Seckold Executive Deputy Chairman
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