Zamora-led Nickel Asia hikes stake in one of world’s largest nickel and cobalt mixed sulfide producers

Nickel Asia Corp. has jacked up its stake in the company that operates a high pressure acid leach (HPAL) processing plant in Bataraza, Palawan.

Nickel Asia said it purchased 33.05 million common shares of Coral Bay Nickel Corp. from majority shareholder, Sumitomo Metal Mining Co. Ltd. (SMM) for $25.94 million.

The acquisition of the additional shares has raised Nickel Asia’s equity ownership in CBNC to 15.625 percent from 10 percent.

Nickel Asia said the acquisition was made pursuant to the exercise of its option to purchase additional CBNC shares.

The Coral Bay HPAL processing plant processes metals from lateritic nickel ore.

“This investment by the company was made in furtherance of its commitments toward sustainability, environmental protection and renewable energy, since the processing of lateritic nickel ores by the CBNC HPAL plant allows the utilization of cobalt and nickel derived from such ores for manufacturing electric vehicle batteries,” Nickel Asia said.

Nickel Asia said the sale and purchase transaction also strengthens the long-standing partnership between the company and SMM.