- Nickel Mines (NIC) has signed an agreement to buy the Tablasufa Nickel Project in Indonesia for US$8.5 million (A$11.9 million)
- The company inked a Conditional Share Purchase Agreement to acquire the asset from Bolt Metals and PT Best Resources
- Tablasufa is a 5000 hectare mining license in the West Papua Province, which has been explored by various companies for more than 70 years
- The acquisition is subject to due diligence being carried out by NIC, extension of the licence and Bolt shareholders signing off on the deal
- Nickel Mines is up 1.86 per cent at $1.37 each
Nickel Mines (NIC) has signed an agreement to buy the Tablasufa Nickel Project in Indonesia for US$8.5 million (A$11.9 million).
The Indonesian nickel pig iron producer inked a Conditional Share Purchase Agreement to acquire the asset from Bolt Metals and PT Best Resources.
Bolt Metals holds a 65 per cent interest in the Indonesian asset, while Pt Best Resources owns the remaining 35 per cent.
The project consists of a 5000-hectare mining license in the West Papua Province of Indonesia and it’s been explored by various companies for more than 70 years.
Recently, Bolt Metals carried out extensive exploration work including core and auger drilling, test-pitting, drone surveys and metallurgical test work.
The highest grades ever found from exploration at Tablasufa include 2.65 per cent nickel and 0.49 per cent cobalt.
NIC’s acquisition of the nickel project is still subject to due diligence, an extension of the existing licence and Bolt shareholders signing off on the deal.
Nickel Mines Managing Director Justin Werner said the asset has a lot of potential.
“The potential acquisition of Tablasufa represents another opportunity for Nickel Mines to acquire a highquality nickel laterite project with good potential for a large resource of both limonite and saprolite ore,” he said.
“Through the acquisition of Tablasufa, Nickel Mines will further grow its presence
in the emerging nickel province of West Papua.
“The province has historically undergone significant exploration by many of the majors and remains highly prospective.”
Shares in Nickel Mines were up 1.86 per cent at $1.37 per share at 3:50 pm AEDT.