Nickel Industries Limited has agreed to revised terms for their Dawn HPAL+ Project and Shanghai Decent has provided a "capex guarantee" to deliver the project to nameplate capacity.
In addition, the company has agreed to switch two of Angel Nickel's RKEF lines to the production of nickel matte.
This Project will be capable of producing both nickel sulphate and nickel cathode, and will benefit from existing infrastructure and laterite resources.
The Company and Shanghai Decent are currently working to complete a feasibility study for the Excelsior Nickel Cobalt project and construction is expected to start in December 2023 or March 2024.
The Company will own a 60-70% equity interest in the project with Shanghai Decent owning 30-40%, but both parties are open to introducing other strategic partners.