mitsubishi-buys-into-indonesian-mining-project

Mitsubishi buys into Indonesian mining project

The Japanese trading company buys a one-third interest in a nickel project in Indonesia from French firm Eramet.

Japan's Mitsubishi Corporation said yesterday it will buy a one-third stake in a nickel project in Indonesia from Eramet for $145 million.

The project, referred to as Weda Bay, is currently owned 90% by Eramet and 10% by Antam, a local mining company 65%-owned by the government of Indonesia. The price Mitsubishi has agreed to pay for a minority interest translates into an equity value of $435 million for the company.

The Weda Bay deposit is an undeveloped nickel project on the island of Halmahera in Indonesia, with a targeted annual capacity of up to 65,000 tonnes of nickel. The project will use a hydrometallurgical process developed by Eramet at its research centre...

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