Nickel Asia Corp. is in talks to sell its 15.625% stake in Coral Bay Nickel Corp. to Sumitomo Metal Mining Co. Ltd. The sale is subject to a third-party valuation of the Coral Bay stake.
LISTED mining firm Nickel Asia Corp. (NAC), the Philippines ' largest producer of nickel, said Tuesday that it was in negotiations with Sumitomo Metal Mining Co. Ltd. (SMM) for the sale of its entire stake in Coral Bay Nickel Corp. (CBNC).Coral Bay, which operates a high-pressure acid leach (HPAL) processing plant in Bataraza, Palawan, is majority owned by Sumitomo.In a disclosure, Nickel Asia said it was planning to sell all of its shareholdings, equivalent to 15.
625 percent of the total outstanding and issued capital stock of Coral Bay, to its Japanese partner.As a condition for the proposed sale, the company said it would engage a third party to conduct a valuation of the Coral Bay stake.Coral Bay operates Sumitomo's first HPAL processing plant, where nickel and cobalt are extracted from ore supplied by Nickel Asia's mines in Palawan. The resulting mixed nickel-cobalt sulfides are then exported to Sumitomo's Niihama and Harima refineries in Japan.'With the proposed sale of the CBNC shares, NAC has reclassified its investment in CBNC shares as available for sale and will no longer recognize equity gains or losses from its investment in CBNC,' the nickel miner explained.In 2022, Nickel Asia purchased some 33.05 million common shares of Coral Bay from Sumitomo for about $25.9 million, raising its ownership in the plant to 15.62 percent from 10 percent.Coral Bay reported a wider net loss of P3.26 billion for the first nine months of 2024 compared to P2.83 billion a year earlier, with Nickel Asia recognizing higher losses of P502.5 million (versus P442.2 million in the same period in 2023) from its equity share.The Japanese firm owns 26 percent of Nickel Asia through Sumitomo Metal Mining Philippine Holdings Corp, which has 3.61 billion shares in the company. Other major shareholders include the company's founder Manuel Zamora Jr., who holds 25.57 percent, and Philip Ang and Luis Virata, who hold 13.18 percent and 8.444 percent, respectivel
Nickel Asia Corp. Sumitomo Metal Mining Co. Ltd. Coral Bay Nickel Corp. Stake Sale HPAL Processing Plant Philippines Japan
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nickel Asia Corp. in Talks to Sell Stake in Coral Bay Nickel Corp.Nickel Asia Corp. (NAC) is in discussions with Sumitomo Metal Mining Co. (SMM) to sell its 15.625% stake in Coral Bay Nickel Corp. (CBNC), a company operating a nickel and cobalt processing plant in the Philippines.
Read more »
2024 Barilla Pasta Championship Asia Final celebrates culinary talent across AsiaTHE 2024 Pasta Championship Asia Final, hosted by Barilla, celebrated World Pasta Day at De La Salle College of Saint Benilde's School of Hotel, Restaurant, and Institution Management.
Read more »
Asia’s best developers gather at PropertyGuru Asia Property Awards 2024Celebrating the finest places to live, work, and thrive across the region
Read more »
Nickel Prices Plunge in 2024, But Demand Remains StrongThe average price of nickel dropped significantly in 2024, falling below $20,000 per metric ton according to the World Bank. Despite the decline, global demand for nickel is expected to increase, driven by the production of stainless steel and electric vehicle batteries. The World Bank forecasts a rebound in nickel prices in 2025 and 2026.
Read more »
Udenna eyeing EEI help to complete Emerald BayBUSINESSMAN Dennis Uy's PH Resorts (PHR) Group Holdings Inc. on Monday said that its parent company, Udenna Corp., had executed a memorandum of understanding (MOU) with listed construction firm EEI Corp. regarding a potential partnership in PHR's Emerald Bay Resort and Casino project in Mactan, Cebu.
Read more »
EEI, PH Resorts sign MOU on Emerald Bay investmentPH Resorts Group Holdings Inc. (PHR), the gaming firm led by businessman Dennis Uy, said Monday it signed a memorandum of understanding with EEI Corp. for
Read more »