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Nickel Mines, an ASX-listed company, just announced its plan to raise US$225 million to fund the acquisition of an initial 30% stake in the Oracle nickel project in Indonesia.
In December 2021, Nickel Mines has signed an agreement with partner Shanghai Decent Investment to get 70% equity interest in the Oracle nickel project for US$525 million.
The Oracle nickel project includes 4 rotary kiln electric furnace (RKEF) lines that have started construction in the Indonesia Morowali Industrial Park, and the annual capacity of this project is 36,000 tons/year of nickel pig iron.
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