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Nickel Mines Ltd. ( (AU:NIC) ) has issued an announcement.
Nickel Industries has evolved into a globally significant nickel producer and is shifting its focus toward the electric vehicle battery supply chain. It has a 10% stake in the Huayue Nickel Cobalt HPAL project, producing mixed hydroxide precipitate, and a 46% interest in the Excelsior Nickel Cobalt project, which is expected to deliver over 72,000 tonnes of nickel metal annually while lowering its carbon footprint.
The company reported that mining operations have resumed at the Hengjaya Mine after an investigation by Indonesia’s Ministry of Energy and Mineral Resources into an accident involving ENC transmission lines. Management at Hengjaya Mine and PT Fajar Metal Industry are now working with authorities to restart construction on the affected section of the transmission infrastructure, supporting the continued development of the ENC project.
The most recent analyst rating on (AU:NIC) stock is a Buy with a A$1.10 price target. To see the full list of analyst forecasts on Nickel Mines Ltd. stock, see the AU:NIC Stock Forecast page.
More about Nickel Mines Ltd.
Nickel Industries Limited is an ASX-listed producer of nickel products with a portfolio of mining and low-cost downstream processing assets in Indonesia. The company holds controlling interests in the Hengjaya Mine and four rotary kiln electric furnace projects that produce nickel pig iron for the stainless-steel sector.
Average Trading Volume: 14,900,219
Technical Sentiment Signal: Strong Buy
Current Market Cap: A$4.02B
Learn more about NIC stock on TipRanks’ Stock Analysis page.