Nickel Industries Secures Sphere Corp as Strategic Partner in ENC HPAL Project

The latest announcement is out from Nickel Mines Ltd. ( (AU:NIC) ).

Nickel Industries Limited has brought in South Korea’s Sphere Corp. as a strategic partner in its Excelsior Nickel Cobalt HPAL project, with Sphere acquiring a 10% stake that values ENC at US$2.4 billion, while Nickel Industries’ 44% holding remains unchanged as the interest is sold down by another shareholder. Sphere, a KOSDAQ-listed premium alloy and precision materials producer and key supplier to global aerospace players including SpaceX, will offtake its 10% share of ENC’s nickel output as cathode and has secured additional market-priced offtake rights, marking ENC’s first western-market offtake and positioning Nickel Industries to tap growth in the North American aerospace and aeronautical sectors, where product quality and traceability standards are stringent.

The most recent analyst rating on (AU:NIC) stock is a Buy with a A$1.90 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 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 supplying nickel pig iron to the stainless-steel industry, and is transitioning toward the electric vehicle battery supply chain through investments in high-pressure acid leach (HPAL) projects such as Huayue Nickel Cobalt and the forthcoming Excelsior Nickel Cobalt (ENC), which will produce mixed hydroxide precipitate, nickel and cobalt sulphate, and nickel cathode while aiming to lower its carbon emissions profile.

Average Trading Volume: 7,794,994

Technical Sentiment Signal: Buy

Current Market Cap: A$3.54B

For detailed information about NIC stock, go to TipRanks’ Stock Analysis page.