07
Oct
01:15
Nickel Asia acquires 5.63% CBNC stake for $26m
Philippines nickel producer Nickel Asia Corporation (NAC) has acquired 33.05 million shares, equating to a 5.63% stake in Philippines nickel smelting and refining company Coral Bay Nickel Corporation (CBNC) for $25.94 million. The shares were divested by Japanese mining firm Sumitomo Metal Mining (SMM), Kallanish notes.
Following the acquisition, NAC’s equity ownership in CBNC has increased to 15.63% from 10%.
SMM’s stake in CBNC, on the other hand, h…
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