LME Suspension May Prove Timely for Nickel Mines
No trading in nickel on the LME for at least part of this week should be good news for Nickel Mines after its shares lost 25% last week in the wake of the problems involving Tsingshan.
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Nickel Industries Limited (‘Nickel Industries’ or ‘the Company’) is an Australian public company emerging as a globally significant, low cost producer of nickel pig iron (‘NPI’), a key ingredient in the production of stainless steel.
Nickel Industries now holds 80% economic interests in the Hengjaya Nickel and Ranger Nickel projects, both of which operate 2 line Rotary Kiln Electric Furnace (‘RKEF’) plants producing NPI within the Indonesia Morowali Industrial Park (‘IMIP’). Nickel Industries also holds an 80% economic interest in the Hengjaya Mineralindo Nickel Mine (‘Hengjaya Mine’), a large tonnage, high grade saprolite deposit located in the Morowali Regency of Central Sulawesi, Indonesia.
In 2021, Nickel Industries has also acquired an 80% interest in the Angel Nickel project, comprising of four 54 KVA RKEF lines and a 380MW power plant, currently commissioning at the Indonesia Weda Bay Industrial Park (‘IWIP’).
Additionally in December 2021 Nickel Industries announced the signing of a Definitive Agreement with Shanghai Decent to acquire a 70% interest in the Oracle Nickel project, a development project comprising four RKEF lines with annual nameplate capacity of 36,000 tonnes of nickel and ancillary facilities. Oracle Nickel will also separately undertake the construction of a 380MW captive power plant. The transaction received shareholder approval at a general meeting of shareholders in January 2022 and the Company completed an initial 10% acquisition of Oracle Nickel in February 2022 and a further 20% acquisition in May 2022.
On 31 May 2022 at the Company’s AGM shareholders approved the change of the Company’s name from Nickel Mines Limited to Nickel Industries Limited. The new name was designed to reflect the Company’s transition from explorer and miner of nickel ore to a globally significant downstream processor of nickel metal.
No trading in nickel on the LME for at least part of this week should be good news for Nickel Mines after its shares lost 25% last week in the wake of the problems involving Tsingshan.
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Australian investors remain unconvinced that reports of the bailing out of Tsingshan takes pressure off Nickel Mines, with its shares plummeting again in Thursday’s trading session.
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The rating is downgraded to Hold from Accumulate and the target price of $1.60 is retained.
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Watching the ASX share price for Nickel Mines today will give us a good idea if local investors accept stories from China that Tsingshan Holding Group has been bailed out.
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Nickel Mines shares lost nearly 5% on Wednesday after earlier going into a trading pause in the wake of a 22% selloff because of its ties to Chinese nickel processor Tsingshan.
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Nickel Mines has finalised plans to buy a 70% stake in the Indonesian Oracle Nickel project in a partnership that will see a substantial rise in the amount of nickel it produces.
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Neutral maintained. Target is reduced to $1.10 from $1.15.
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Shares in Indonesian-focused Nickel Mines were savaged on Tuesday after the company’s March quarter report revealed lower than expected nickel sales and production.
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Nickel Mines' December quarter showed a record 11.5kt nickel production, ahead of Credit Suisse's 10kt estimate for 2020. Margins expanded by 46% led by rising nickel and nickel pig iron prices. Outperform. Target rises to $1.50 from $1.35.
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A glance through the latest expert views and predictions about commodities. Indonesia; Australia; and zinc.
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