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China Nickel To Buy Stake in PT Yiwan

China Nickel Resources Holdings Co. will acquire an 80 percent equity stake in Indonesian iron-nickel ore firm PT Yiwan Mining.

China Nickel Resources Holdings Co. will acquire an 80 percent equity stake in Indonesian iron-nickel ore firm PT Yiwan Mining, Reuters reports. The investment holding company will pay a total of $266 million for the acquisition in order to secure supply of nickel-iron ores and mineral resources.

The company will fund $245.03 million of the purchase costs by selling convertible notes. The final valuation of Yiwan Mining may be as much as $398.33 million.

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