Nickel Mines Limited (ASX: NIC) forms a part of metals and mining industries which is into the business of producing Nickel pig iron, an essential element in the making of stainless steel. It is an Australian public sector company with its year of establishment in 2007 and headquarters situated in New South Wales, Australia.
The Directors of the company today, 22 February 2019 has announced that the company’s 60 percent owned subsidiary, PT Hengjaya Nickel Industry, operator of the Hengjaya Nickel Project, has been issued an Industrial Business Licence (‘Izin Usaha Industri’ or ‘IUI’) by the Online Single Submission Management and Organizing Agency of the Government of Indonesia.
Issuance of the IUI implies that PTHNI has fulfilled all commitments and obtained all approvals required by the Government of Indonesia for commercial operation of the Hengjaya Nickel Project, including the production of nickel pig iron (‘NPI’) and the marketing, selling and receiving of payment for the NPI it produces. The IUI remains valid for the life of the Hengjaya Nickel Project, so long as PTHNI continues to comply with all applicable laws and regulations.
Commissioning of the first line of Hengjaya Nickel continues to progress well, with several successful taps being undertaken with NPI product ranging in grade from 9.58% to 16.76% nickel. The production target from the Hengjaya Nickel Project when fully operational will be 150,000 tpa of NPI at an average grade of 11% for 16,500 tpa of contained nickel.
The Managing Director of the company Justin Werner said that the company is pleased to be awarded its IUI for Hengjaya Nickel, with the commissioning of the project ahead of schedule. This was possible through the efforts of its partner Shanghai Decent.
This is an acknowledgment of the quality and commitment by Shanghai Decent to world best practice building standards not just technically but also environmentally and brings Nickel Mines another step closer to the achievement of its objective of becoming a globally significant tier-1 nickel producer.
As mentioned by Justin Warner, the company looks forward to further provide an update to the market with the progress of the Hengjaya Nickel Project through commissioning to targeted commercial nameplate capacity and as the Ranger Nickel Project enters the final stages of construction ahead of scheduled commissioning of its first RKEF line, which is expected to be in mid-April 2019.
In the recent past, the company also updated about the first production of nickel pig iron (‘NPI’) in the Hengjaya Nickel Project.
On the price-performance front, the stock of Nickel Mines Limited last traded at $0.410 with a rise of ~2.5% during the day’s trade. The company has a market capitalization of around $555.2 million as on 22 February 2019. The stock has generated a significant YTD return of 50.94% and posted returns of 56.86%, and 63.27% over the last six months and three months respectively. The stock has a 52-week high price of $0.420 and a 52-week low price of $0.220 with an average trading volume of ~1.46 million.
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