China Nickel Resources Holdings Co Limited, principally engaged in the manufacture and sale of nickel resources products and trading of iron ore, is planning to buy an 80% equity stake in Indonesian iron nickel ore firm PT Yiwan Mining for some HK$2.1 billion in a bid to secure supply of nickel iron ores and mineral resources.
The mine is an iron-nickel deposit, covering an area of 4,001 hectares, located in the Village of Mekarsari, the District of Simpang Empat (formerly Batulicin), Regency of Tanah Bumbu, in the Province of South Kalimantan, the Republic of Indonesia, with estimated mineral resources of 177 million tons.
The Chinese integrated mineral resources, nickel and special steel maker said in a statement that around HK$1.9 billion of the acquisition costs would be settled by the issue of convertible notes.