Nickel Asia in negotiation with SMM for stake sales in CBNC
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Update time : 2025-01-09 16:28:36
Nickel Asia Corporation (NAC), the largest producer of lateritic nickel ore in the Philippines, is in negotiations with its Japanese partner Sumitomo Metal Mining Co., Ltd. (SMM) to sell its 15.625% stake in Coral Bay Nickel Corp. (CBNC). SMM, as the majority shareholder of CBNC, is currently holding the remaining shares.
NAC said that the proposed sale would be conditional upon a valuation of CBNC shares by a third party and that it had reclassified its investment in CBNC shares as available for sale and stopped recognizing related equity gains or losses.
CBNC operates a high-pressure acid leaching (HPAL) processing plant in Rio Tuba, Palawan, which processes metals from lateritic nickel ore for refining in Japan for use in electronics, chemicals, aerospace, and electric vehicle battery components.
