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Australia’s Nickel Industries to seek shareholder nod for $620m share placement
Australia’s Nickel Industries said on Monday it would seek shareholder approval for a A$943 million ($620 million) share placement to pursue growth opportunities including potential expansion at its Excelsior Nickel Cobalt (ENC) project in Indonesia.
The nickel producer entered a share-sale deal in June to issue about 20% of its shares to PT Danusa Tambang Nusantara, a unit of Indonesia’s PT United Tractors Tbk, at a price of A$1.10 per share.
The share placement will provide Nickel Industries an opportunity to investigate potential for doubling the production of its ENC project in Indonesia via a stage 2 expansion and support its diversification efforts.
The company said it would convene an extraordinary general meeting of shareholders on Sept. 8.
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- [Editor:邢亞敏]
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