Australia's Nickel Industries soars as S.Korea's Sphere takes stake in Indonesia project

Sphere

01/01/2026 23:19

** Shares of Nickel Industries NIC.AX rose as much as 9% to A$0.91, the highest level since Dec 12, 2024

** Co says South Korean materials manufacturer Sphere Corp 347700.KQ will buy a 10% stake in Excelsior Nickel Cobalt high-pressure acid leach plant project in Indonesia from Decent Resource

** NIC holds a 44% stake in the project

** Deal values the project at $2.4 billion

** Shares post biggest intraday pct gain since April 10

** NIC shares up 1.2% YTD

 (Reporting by Nichiket Sunil in Bengaluru)

 ((Nichiket.Sunil@thomsonreuters.com))