ABOUT NICKEL INDUSTRIES – OUR STORY
Nickel Industries (formerly Nickel Mines Limited) journey in Indonesia commenced in 2009 with its acquisition of an 80% interest in the Hengjaya Mine, from which nickel ore was exported until the Indonesian Government’s ban on the exportation of unprocessed minerals in January 2014.
The export ban of unprocessed minerals was principally undertaken to encourage the establishment of a downstream processing industry within Indonesia that would allow Indonesians to increasingly benefit from their country’s great mineral wealth.

Tsingshan, now the world’s largest producer of both stainless steel and nickel, was one of the few groups to commit to the Indonesian Government’s vision of establishing a local processing and in July 2013 set about building what is now its world class IMIP. As Tsingshan began to build NPI and stainless steel capacity within IMIP there became a growing requirement for nickel as feedstock to their plant. This resulted in Nickel Industries restarting operations on October 2015 and signing an offtake agreement with Tsingshan for the supply of high grade saprolite ore.
In 2017 expansion of this relationship resulted in Nickel Industries executing an Agreement with Tsingshan entity Shanghai Decent to collaborate on the funding and construction of 2 RKEF lines (‘Hengjaya Nickel Project’) to produce 150kt per annum of NPI containing 15kt of nickel metal equivalent. Nickel Industries completed a 60% acquisition of Hengjaya Nickel in August 2018, following admission to the ASX under the stock code NIC. Nickel Industries completed the acquisition of Hengjaya Nickel in June 2020, with Tsingshan holding the remaining 20%.
In November 2018 the Company announced a further Collaboration Agreement to acquire up to an additional 80% interest in two additional RKEF lines (‘Ranger Nickel Project’). By June 2020 Nickel Industries had completed the acquisition of 80% of Ranger Nickel.
Construction of both Hengjaya Nickel and Ranger Nickel was completed in the first half 2019, well ahead of schedule and less than 12 months after ground was broken at each project. Production levels at both projects since commissioning have been consistently well above nameplate capacity.
In November 2020 the Company executed a binding Agreement with Shanghai Decent to acquire a 70% interest (subsequently increased to 80%) in the Angel Nickel Project, a development project within the IWIP on Halmahera Island in Indonesia’s North Maluku province.
The Angel Nickel project will be a joint collaboration with Shanghai Decent, the Company’s largest shareholder, comprising:
- four 54 KVA rotary RKEF lines with an annual nameplate production capacity of 36,000 tonnes of nickel metal (in nickel pig iron); and
- a 380MW power plant.
By September 2021 Nickel Industries had completed the 80% acquisition of the Angel Nickel Project.
This was followed in December 2021 by the execution in of a Definitive Agreement to acquire a 70% interest in the Oracle Nickel Project , a development project currently under construction within the IMIP.
The Oracle Nickel project will comprise:
- four 54 KVA RKEF lines with an annual nameplate production capacity of 36,000 tonnes of nickel metal (in nickel pig iron); and
- ancillary facilities required for the operation of each of the RKEF lines.
Oracle Nickel is separately undertaking the construction of a 380MW power plant that will support the Company’s RKEF lines and the IMIP’s overall grid power requirements. By May 2022 the Company had completed acquisition of a 30% interest in the Oracle Nickel Project and in September 2022 the Company acquired an additional 40% interest, taking its interest to 70% of Oracle Nickel.


Hengjaya Mine restarts operations
Operations at the Hengjaya Mine were restarted in October 2015, following the signing an offtake agreement with Tsingshan for the supply of high grade saprolite ore.

Collaboration and Subscription Agreement with Tsingshan
The relationship with Tsingshan expanded with Nickel Industries executing a CSA with Tsingshan to collaborate on the funding and construction of 2 RKEF lines (‘Hengjaya Nickel Project’) to produce 150kt per annum of NPI containing 15kt of nickel metal equivalent.

Nickel Industries lists on ASX
Nickel Industries was welcomed to the Official List of the ASX on Monday 20 August 2018, following the successful completion of a A$200M IPO. Subsequently Nickel Industries exercised its option to acquire a further 35% in the Hengjaya Nickel Project for US$70M, taking the Company’s interest to 60%.

Signing of Ranger Nickel Collaboration Agreement
In November 2018 the Company announced the signing of a binding Collaboration Agreement ('CA') to acquire up to an additional 80% interest in two additional RKEF lines, the Ranger Nickel Project. In the same month Nickel Industries completed the First Acquisition under the CA, acquiring for US$50 million a 17% of the Ranger Nickel Project.

Hengjaya Nickel Commissioning Commences
On 1 February 2019 Nickel Industries announced that commissioning had commenced and that the first NPI had been produced from one of Hengjaya Nickel’s two rotary kilns in a maiden production run, well ahead of schedule. Commencement of production at Hengjaya Nickel was a milestone for the Company, achieved less than 12 months after ground was broken at the project.

Move to a 60% interest in Ranger Nickel Project
In April 2019 Nickel Industries announced its intention to move to a 60% interest in the Ranger Nickel Project. The acquisition of the additional 43% interest in Ranger Nickel was completed in August 2019, taking Nickel Industries interest to 60%.

Ranger Nickel Commissioning Commences
On 3 June 2019 Nickel Industries announced that commissioning had commenced at Ranger Nickel, with NPI being produced from one of Ranger Nickel’s two rotary kilns in a maiden production run.

Acquisition of additional 20% interests in Hengjaya Nickel and Ranger Nickel projects
At the Company’s Annual General Meeting in May 2020 shareholders approved the acquisition of an additional 20% interest in both the Hengjaya Nickel and Ranger Nickel projects. Following the successful completion of the A$231M Entitlement Offer announced on 19 May 2020, Nickel Industries advised Shanghai Decent of its intention to exercise its options to acquire the additional 20% interests in both the Hengjaya Nickel and Ranger Nickel Projects and the acquisitions were completed on 30 June 2020, taking Nickel Industries interest in both projects to 80%.

Nickel Industries declares a maiden interim dividend
On 31 August 2020 Nickel Industries declared a maiden interim dividend of A$0.01 per share.

Nickel Industries to acquire a 70% equity interest in Angel Nickel
In November 2020 Nickel Industries announced the execution of a binding Definitive Agreement with Shanghai Decent for Nickel Industries to acquire a 70% equity interest in the Angel Nickel Project, comprising four RKEF lines and power station under construction within the Indonesia Weda Bay Industrial Park ('IWIP'). In January 2021 it agreed by both parties that the Company’s equity participation in the project would increase to 80% and Nickel Industries completed acquisition on an initial 30% interest.

Nickel Industries declares a final dividend for 2020
On 28 January 2021 Nickel Industries declared a final dividend for 2020 of A$0.02 per share.

Nickel Industries added to ASX 200
In its March 2021 Quarterly Rebalance S&P Dow Jones Indicies announced that Nickel Industries had been added to the ASX 200 Index.

Completion of US$175M Offering of Senior Unsecured Notes
Nickel Industries completed a US$175M inaugral offering of Senior Unsecured Notes at an interest rate of 6.5%, maturing 1 April 2024.

Acquisition of a further 20% interest in Angel Nickel
Nickel Industries announced it had completed the acquisition of a further 20% interest in the Angel Nickel project, following payment of US$137.6M to Shanghai Decent.

Completion of a US$150M Issuance of Senior Unsecured Notes

Angel Nickel Project Ownership Increased to 80%
Following the payment of US$210 million, Nickel Industries’ ownership interest in the Angel Nickel project increased to 80%, having acquired its initial 30% interest in February 2021 and a further 20% in April 2021.

Agreement to acquire a 70% interest in Oracle Nickel
Following the signing of an MoU in November 2021, Nickel Industries and Shanghai Decent signed a Definitive Agreement in December 2021 for Nickel Industries to acquire a 70% interest in the Oracle Nickel project, 4 next-generation RKEF lines and ancillary facilities currently under construction within the IMIP.

Angel Nickel commissioning commences
Nickel Industries announced the 1st of its four RKEF lines has commenced commissioning.

Completion of acquisition of an initial 10% interest in Oracle Nickel
Following shareholder approval in January 2022 of the Oracle Nickel acquisition, the Company completed acquisition of an initial 10% interest.

Ownership in Oracle Nickel increased to 30%
Nickel Industries acquires a further 20% in Oracle Nickel following the issue of 108,122,223 Shares to Shanghai Decent nominee

Change of name to Nickel Industries Limited
On 31 May 2022 at the Company's AGM shareholders approved the change of company name from Nickel Mines Limited to Nickel Industries Limited

Ownership interest in Oracle Nickel increased to 70%
Nickel Industries acquired an additional 40% interest in Oracle Nickel following the payment of US$212M to Decent Resource Limited