07
Oct
01:19
Nickel Asia acquires 5.63% CBNC stake for $26m
Philippines nickel producer Nickel Asia Corporation (NAC) has acquired 33.05 million shares or a 5.63% stake in the Philippines-based nickel smelting and refining company Coral Bay Nickel Corporation (CBNC) for $25.94m from Japanese mining firm Sumitomo Metal Mining (SMM), Kallanish notes.
Following the acquisition, NAC’s equity ownership in CBNC increased to 15.63% from 10%.
SMM’s stake in CBNC, on the other hand, was reduced to 84.38% fro…
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