Australian nickel producer Nickel Industries plans to sell 20% of its shares to raise funds for development. The deal will help the company raise about $620 million, but shareholder approval is required.
Indonesian company Danusa Tambang Nusantara, a division of United Tractors Corporation, has claimed to buy the shares. The controlling stake in United Tractors belongs to Singaporean holding company Jardine Cycle & Carriage.
Nickel Industries needs the funds to change its business development vector, which has shifted to supplying materials for electric vehicle battery production. The funds raised will enable the company to double the capacity of its Indonesian Excelsior Nickel Cobalt (ENC) project, which currently produces 60,000 tons per year.