Australia's Nickel Industries says S. Korea's Sphere to buy 10% stake in Indonesian project

Nickel Industries

01/01/2026 21:57

Jan 2 (Reuters) - Australia's Nickel Industries NIC.AX said on Friday that South Korean materials manufacturer Sphere Corp 347700.KQ will buy a 10% interest in the Excelsior Nickel Cobalt high-pressure acid leach plant project in Indonesia at a $2.4 billion valuation.

Sphere will offtake its 10% share of nickel as cathode and has entered into an offtake agreement, at market price, for further volumes above its 10% ownership share.

 (Reporting by Nichiket Sunil in Bengaluru; Editing by Chris Reese)

 ((Nichiket.Sunil@thomsonreuters.com;))