Australia’s Nickel Mines company has completed the acquisition of an additional 20% stake in Angel Capital, a Singaporean holding company that is ultimately the owner of the Angel Nickel project in Indonesia.

With the latest acquisition, Nickel Mines holds a 50% interest in the Angel Nickel project.

It acquired the initial 30% interest in the project earlier this year.

The Angel Nickel project features four next-generation RKEF lines and a 380MW power station that is currently under construction at Indonesia Weda Bay Industrial Park (IWIP) on Halmahera Island in the North Maluku province.

The firm has secured the right to increase its interest in Angel to 80% by 31 December 2021.

According to an agreement with its partner Shanghai Decent Investment Group, Nickle Mine paid $137.6m and would have to pay $210m to increase its stake to 80% by the end of this year.

Following the independent expert’s valuation reports prepared by Lonergan Edwards & Associates that was released on 2 December 2020 and 20 January 2021, the value of the Angel Nickel project ranges between $1.4bn to $1.5bn.

All material earthworks and plant footings are mostly completed at the project while fabrication of key long lead items such as boilers, turbines and generators have begun.