Nickel Asia Corporation has acquired 33.05 million common shares of Coral Bay Nickel Corporation (CBNC) amounting to $25.937 million.
“This investment was made in furtherance of its commitments toward sustainability, environmental protection, and renewable energy since the processing of lateritic nickel ores by the CBNC HPAL plant allows the utilization of cobalt and nickel derived from such ores for manufacturing electric vehicle batteries,” Nickel Asia said in a disclosure to the Philippine Stock Exchange on Monday.
Nickel Asia purchased shares from Sumitomo Metal Mining Co. Ltd. (SMM), a majority stakeholder of CBNC.
Following the purchase of additional shares, Nickel Asia’s equity ownership in CBNC jumps to 15.625% from 10%.
CBNC is the operator of the Coral Bay high-pressure acid leach (HPAL) processing plant in Bataraza, Palawan.
