Australian miner Nickel Industries has finalised the acquisition of an additional 40% interest in the Oracle Nickel project in Indonesia, increasing its ownership to 70%. 

In December 2021, Nickel Industries signed a $525 million deal to acquire the additional interest from partner Shanghai Decent. With the project scheduled to commence commissioning in October, the miner has completed an early payment of US$212 million (originally required by 31 December 2022) to Shanghai Decent as part of the terms of the transaction. 

Oracle Nickel has a nameplate capacity of 36,000 tonnes of nickel per annum and similar to the Angel Nickel project is expected to operate in excess of 130% of nameplate capacity once fully ramped up. 

“Oracle Nickel is a material pillar in the company’s growth platform and upon the completion of its commissioning and ramp-up, consolidated production levels of between 130,000 to 140,000 tonnes of nickel per annum are expected, elevating the company to a top-10 global nickel producer,” said Managing Director Justin Werner.

“Furthermore, the integrated nature of the project’s power generation will deliver material long-term cost savings and assist in ensuring our operations remain in the bottom quartile of global NPI producers.” 

Oracle Nickel’s commissioning schedule is expected to replicate that of Nickel Industries’ majority owned Angel Nickel project, with each of the project’s four RKEF lines anticipated to operate below nameplate capacity until the completion and commissioning of its designated power plant in early 2023. 

Source: Nickel Industries