Nickel Industries acquires 51% interest in Siduarsi Nickel-Cobalt Project
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Update time : 2024-09-24 17:00:47
Australia’s Nickel Industries has completed the acquisition of a 51% interest in the Siduarsi Nickel-Cobalt Project in West Papua.
The Siduarsi deposit covers a permit area of 16,470 hectares, with the estimated mineral resources of 52 million dry metric tons at 1.1% nickel and 0.1% cobalt within a 1,614-hectare area.
This agreement followed a memorandum of agreement (MoA) inked in 2021. After a 24-month exploration at the Siduarsi deposit, Nickel Industries paid 4 million shares of the company for a majority interest.
If the Indonesian mining department approves the feasibility study for the project to be put into operation, Nickel Industries will be able to increase its stake to 82.5%.
