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Nickel Mines Announces Completion of Move to 80% Hengjaya and Ranger RKEF Projects

30 Jun 2020  |  13:01:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Completion of move to 80% Hengjaya and Ranger RKEF Projects

Nickel Mines announced that it has completed the acquisition of a further 20% of the issued and paid-up share capital of Hengjaya Holdings Private and Ranger Investment Private, being the respective Singaporean domiciled holding companies that wholly own PT Hengjaya Nickel Industry and PT Ranger Nickel Industry, the Indonesian PMA companies that in turn own 100% of the Hengjaya Nickel and Ranger Nickel Projects. The Company updated that it paid Shanghai Decent and its nominees US$120m for the additional 20% interest in the two Projects, plus a settlement for the 20% of the undistributed retained earnings attributable to Shanghai Decent remaining in both PT Hengjaya Nickel Industry and PT Ranger Nickel Industry to the end of April 2020.

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