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Nickel Mines Signs MOU to Acquire 70% of 4 New RKEF Lines at Weda Bay

16 Oct 2020  |  09:33:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: MOU to Acquire 70% of 4 New RKEF Lines at Weda Bay

Nickel Mines advised that the Company has signed an MoU with Shanghai Decent Investment (Group) (SDI) to acquire a 70% interest in PT Angel Nickel Industry (ANI), a development project within the IWIP on Halmahera Island in Indonesia's North Maluku province. Memorandum of Understanding (MoU) signed to build, own and operate 4 next-generation rotary kiln electric furnace (RKEF) lines within the Indonesia Weda Bay Industrial Park (IWIP). The Company paid a US$10m good faith deposit' to SDI and upon execution of a Definitive Agreement has committed to a further US$20m down payment to SDI with the combined US$30m to be offset against the Stage 1 payment.

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