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In October 2023 the Company announced it had reached a positive final investment decision (FID) with respect to its participation and investment in Excelsior Nickel Cobalt (ENC), a next generation high pressure acid leach (HPAL) project to be constructed within the Indonesia Morowali Industrial Park (IMIP) in Central Sulawesi, Indonesia.
ENC is expected to produce 72,000 metric tons per annum of contained nickel equivalent across the three major class-1 nickel products being mixed hydroxide precipitate (MHP), nickel sulphate and nickel cathode. ENC will be the first HPAL globally with the capacity to produce these three major class-1 nickel products, all of which are suitable for use in the electric vehicle (EV) battery market.
The Project also comes with a commissioning guarantee to nameplate capacity and a delivery time frame guarantee of not more than 2 years from the commencement of construction.
The Project has been awarded a 15-year corporate income tax holiday.
NIC is fully funded for its 55% share of ENC and will make its acquisition payments in accordance with the following schedule.
Shanghai Decent, the Company’s largest shareholder and partner, will once again be providing a “capex guarantee” whereby the total construction costs will not exceed US$2.3 billion (Capex Guarantee). Importantly, the Capex Guarantee represents a highly competitive capital intensity compared to several recently announced projects and advances beyond purely “EPC” costs as it includes Project commissioning and production build-up to nameplate capacity of at least 60,000 metric tons per annum of contained nickel equivalent. Importantly, the Capex Guarantee includes a tailings facility encompassing industry best practice storage and management (via dry-stack tailings), and an integrated sulphuric acid plant which will produce the majority of the Project’s power needs via renewable energy).
| Date | US$M | Equity Acquired | Equity Acquired |
| 10 Business days following shareholder approval (paid) | 126.5 | 5.50% | 5.50% |
| By 1 January 2024 (paid) | 189.8 | 8.25% | 13.75% |
| By 1 April 2024 (paid) | 316.3 | 13.75% | 27.5% |
| By 1 October 2024 | 379.50 | 16.50% | 44.00% |
| By 1 July 2025 | 126.50 | 55.50% | 55.00% |
| By 1 October 2025 | 126.50 | 5.50% | 55.00% |
| TOTAL | 1,265.0 | 55.00% | 100 |
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ViewNickel Industries holds an 80% interest in the share capital of PT Hengjaya Mineralindo (‘PT Hengjaya’), an Indonesian PMA company. The remaining 20% interest in PT Hengjaya is owned by the Company’s Indonesian partner, the Wijoyo family. PT Hengjaya holds a 100% interest in the Hengjaya Mine, located in the Morowali Regency, on the east coast of the province of Central Sulawesi, Indonesia.
The Hengjaya Mine IUP permit concession area covers 5,983 hectares. In 2012 PT Hengjaya was issued a 20-year mining operation/production licence including a further 10-year extension option.
Nickel Industries advanced the project through the various permitting, exploration, community socialisation, environmental studies and feasibility and development stages (including construction of a haul road, jetty and stockpile area) to the point where production commenced in October 2012 ahead of a maiden shipment of unprocessed ore in February 2013. A number of high-grade ore (~2%) shipments were made to China and Japan over the course of 2013.
Shortly after the introduction of the Indonesian Government’s ban on the exportation of unprocessed minerals in January 2014, production ceased at Hengjaya with Nickel Industries forced to explore in-country beneficiation options.
When Tsingshan committed to establishing a material downstream processing presence in Indonesia, requiring a reliable supply of nickel ore, production recommence in October 2015 with the Hengjaya Mine securing an offtake contract to supply a Tsingshan subsidiary 30kt/month of +1.8% ore. In October 2017 an updated offtake agreement was signed, with Tsingshan subsidiary PT. Indonesia Tsingshan Stainless Steel (ITSS) guaranteeing to take supply of 50,000 wmt per month until 31 December 2018, with a cut-off grade of 1.60% nickel.
In January 2019 commenced supplying ore to the Company’s 80% owned subsidiary Hengjaya Nickel, operator of the Hengjaya Nickel RKEF project and when the Ranger Nickel RKEF project commenced production in May 2019 the Hengjaya Mine also commenced supplying ore to Ranger Nickel.
The Hengjaya Mine is one of the only large tonnage, high grade saprolite mines in close proximity to Tsingshan’s Indonesian Morowali Industrial Park (IMIP).
In September 2022 Nickel Industries announced an updated JORC compliant resource report within the Hengjaya project concession area. The Hengjaya Mine is one of the largest tonnage, high grade operations in close proximity to the IMIP in central Sulawesi. Using a 0.8% Ni cut-off grade, the Hengjaya Mine hosts a JORC compliant resource of 300 million dry tonnes at 1.22% Ni and 0.09% Co, containing 3,700,000 tonnes of contained nickel and 270,000 tonnes of contained cobalt as follows:
| Category | Dry Tonnes (Million) | NI (%) | CO (%) | FE (%) |
| Measured | 85 | 1.3 | 0.1 | 30.4 |
| Indicated | 130 | 1.2 | 0.1 | 28.6 |
| Inferred | 85 | 1.2 | 0.1 | 29.1 |
| Total | 300 | 1.2 | 0.1 | 29.2 |
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