NICKEL INDUSTRIES
Nickel Industries Limited (NIC) is an ASX-listed company which owns a portfolio of mining and low-cost downstream nickel processing assets in Indonesia.
The Company has a long history in Indonesia, with controlling interests in the world-class Hengjaya Mine, as well as four rotary kiln electric furnace (RKEF) projects which produce nickel matte for the electric vehicle (EV) supply chain and nickel pig iron (NPI) for the stainless-steel industry.
Having established itself as a globally significant producer of NPI, the Company is now rapidly transitioning its production to focus on the EV battery supply chain. Recently, the Company has converted some of its existing production from NPI to nickel matte, and also acquired a 10% interest in the Huayou Nickel Cobalt (HNC) HPAL project, adding mixed hydroxide precipitate (MHP) to its product portfolio.
Nickel Industries is now embarking on its next transformative step, announcing a positive final investment decision to invest in Excelsior Nickel Cobalt (ENC), a next-generation HPAL project capable of producing MHP, nickel sulphate and nickel cathode. ENC will produce approximately 72,000 tonnes of nickel metal per annum, diversifying the Company’s production and reducing the Company’s carbon emissions profile – reflecting our strong commitment to sustainable operations.
Hengjaya Mine restarts operations
Operations at the Hengjaya Mine were restarted in October 2015, following the signing an offtake agreement with Tsingshan for the supply of high grade saprolite ore.
Collaboration and Subscription Agreement with Tsingshan
The relationship with Tsingshan expanded with Nickel Industries executing a CSA with Tsingshan to collaborate on the funding and construction of 2 RKEF lines (‘Hengjaya Nickel Project’) to produce 150kt per annum of NPI containing 15kt of nickel metal equivalent.
Nickel Industries lists on ASX
Nickel Industries was welcomed to the Official List of the ASX on Monday 20 August 2018, following the successful completion of a A$200M IPO. Subsequently Nickel Industries exercised its option to acquire a further 35% in the Hengjaya Nickel Project for US$70M, taking the Company’s interest to 60%.
Signing of Ranger Nickel Collaboration Agreement
In November 2018 the Company announced the signing of a binding Collaboration Agreement ('CA') to acquire up to an additional 80% interest in two additional RKEF lines, the Ranger Nickel Project. In the same month Nickel Industries completed the First Acquisition under the CA, acquiring for US$50 million a 17% of the Ranger Nickel Project.
Hengjaya Nickel Commissioning Commences
On 1 February 2019 Nickel Industries announced that commissioning had commenced and that the first NPI had been produced from one of Hengjaya Nickel’s two rotary kilns in a maiden production run, well ahead of schedule. Commencement of production at Hengjaya Nickel was a milestone for the Company, achieved less than 12 months after ground was broken at the project.
Move to a 60% interest in Ranger Nickel Project
In April 2019 Nickel Industries announced its intention to move to a 60% interest in the Ranger Nickel Project. The acquisition of the additional 43% interest in Ranger Nickel was completed in August 2019, taking Nickel Industries interest to 60%.
Ranger Nickel Commissioning Commences
On 3 June 2019 Nickel Industries announced that commissioning had commenced at Ranger Nickel, with NPI being produced from one of Ranger Nickel’s two rotary kilns in a maiden production run.
Acquisition of additional 20% interests in Hengjaya Nickel and Ranger Nickel projects
At the Company’s Annual General Meeting in May 2020 shareholders approved the acquisition of an additional 20% interest in both the Hengjaya Nickel and Ranger Nickel projects. Following the successful completion of the A$231M Entitlement Offer announced on 19 May 2020, Nickel Industries advised Shanghai Decent of its intention to exercise its options to acquire the additional 20% interests in both the Hengjaya Nickel and Ranger Nickel Projects and the acquisitions were completed on 30 June 2020, taking Nickel Industries interest in both projects to 80%.
Nickel Industries declares a maiden interim dividend
On 31 August 2020 Nickel Industries declared a maiden interim dividend of A$0.01 per share.
Nickel Industries to acquire a 70% equity interest in Angel Nickel
In November 2020 Nickel Industries announced the execution of a binding Definitive Agreement with Shanghai Decent for Nickel Industries to acquire a 70% equity interest in the Angel Nickel Project, comprising four RKEF lines and power station under construction within the Indonesia Weda Bay Industrial Park ('IWIP'). In January 2021 it agreed by both parties that the Company’s equity participation in the project would increase to 80% and Nickel Industries completed acquisition on an initial 30% interest.
Nickel Industries declares a final dividend for 2020
On 28 January 2021 Nickel Industries declared a final dividend for 2020 of A$0.02 per share.
Nickel Industries added to ASX 200
In its March 2021 Quarterly Rebalance S&P Dow Jones Indicies announced that Nickel Industries had been added to the ASX 200 Index.
Completion of US$175M Offering of Senior Unsecured Notes
Nickel Industries completed a US$175M inaugral offering of Senior Unsecured Notes at an interest rate of 6.5%, maturing 1 April 2024.
Acquisition of a further 20% interest in Angel Nickel
Nickel Industries announced it had completed the acquisition of a further 20% interest in the Angel Nickel project, following payment of US$137.6M to Shanghai Decent.
Completion of a US$150M Issuance of Senior Unsecured Notes
Angel Nickel Project Ownership Increased to 80%
Following the payment of US$210 million, Nickel Industries’ ownership interest in the Angel Nickel project increased to 80%, having acquired its initial 30% interest in February 2021 and a further 20% in April 2021.
Agreement to acquire a 70% interest in Oracle Nickel
Following the signing of an MoU in November 2021, Nickel Industries and Shanghai Decent signed a Definitive Agreement in December 2021 for Nickel Industries to acquire a 70% interest in the Oracle Nickel project, 4 next-generation RKEF lines and ancillary facilities currently under construction within the IMIP.
Angel Nickel commissioning commences
Nickel Industries announced the 1st of its four RKEF lines has commenced commissioning.
Completion of acquisition of an initial 10% interest in Oracle Nickel
Following shareholder approval in January 2022 of the Oracle Nickel acquisition, the Company completed acquisition of an initial 10% interest.
Ownership in Oracle Nickel increased to 30%
Nickel Industries acquires a further 20% in Oracle Nickel following the issue of 108,122,223 Shares to Shanghai Decent nominee
Change of name to Nickel Industries Limited
On 31 May 2022 at the Company's AGM shareholders approved the change of company name from Nickel Mines Limited to Nickel Industries Limited
Ownership interest in Oracle Nickel increased to 70%
NIC acquired an additional 40% interest in Oracle Nickel following the payment of US$212M to Decent Resource Limited
Oracle Nickel produces first NPI
The 1st of Oracle's four RKEF lines commences commissioning
Agreements for producing nickel assets
Agreements for additional 10% interest in ONI, a 10% interest in HNC and a US$471M conditional capital raising
US$400M Senior Unsecured Notes Issued
Additionally all secured debt removed.
Share Placement and Collaboration Agreement with United Tractors
Conditional A$943M placement and ENC collaboration agreement announced, plus ENC expansion
Completion of HNC HPAL and Oracle Acquisitions
Completion of acquisition of a 10% interest in the Huayue Nickel Cobalt high pressure acid leach (‘HPAL’) project (‘HNC’) plus an additional 10% interest in Oracle Nickel.
Completion of Hengjaya Mine to IMIP Haul Road
Completion of placement to United Tractors
Following shareholder approval the Company issued 857,000,00 shares to United Tractors subsidiary Pt Danusa Tambang Nusantara at A$1.10 per share