Nickel Mines Boosts Ranger Stake to 60 Percent

Nickel Mines (ASX:NIC) has successfully boosted its stake in the Ranger nickel project in Indonesia from 17 percent to a whopping majority share at 60 percent.

In an announcement released Thursday (August 15), Nickel Mines referred to the boost as the “second acquisition” of Ranger. According to the company, it exercised its option to increase its stake in the project within 60 days of first nickel pig iron (NPI) production.

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Nickel Mines’ Ranger Produces First Nickel Pig Iron

Nickel Mines (ASX:NIC) has checked a box off its to-do list at the Ranger nickel project in Indonesia with the first production of nickel pig iron (NPI).

According to the company, the asset produced its first NPI from one of the project’s two rotary kilns in a maiden production run. Ranger is currently in the commissioning process for the two kilns, with Nickel Mines anticipating that the second kiln’s commissioning will start in early July.

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Nickel Mines Funds its Way to Larger Ranger Stake

After announcing its game plan to raise its stake in the Ranger nickel project in April, Nickel Mines (ASX:NIC) has signed a binding term sheet with Decent Investment International for US$80 million in funding.

Last month, the company stated that it wished to increase its current 17 percent stake in Ranger, located in Indonesia, to 60 percent. The decision came as a collaborative choice between Nickel Mines and operating partner Shanghai Decent Investment, which owns the other 83 percent share in Ranger and is an associate of Decent Investment.

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