Mitsubishi to sell part of stake in Indonesia-based Strand Minerals

Japanese conglomerate Mitsubishi Corporation (Mitsubishi) has announced that it has agreed to sell a 3.4 percent ownership interest from its 33.4 percent stake in Indonesia-based Strand Minerals to another Japanese company Pacific Metals Co. (Pamco) for a consideration of JPY 3 billion ($38.5 million).
 
Accordingly, a new shareholders agreement has been concluded among Mitsubishi, Pamco and the French mining and metallurgy company Eramet S.A. (Eramet) which is the owner of the remaining 66.6 percent in Strand Minerals.
 
Strand Minerals owns 90 percent of PT Weda Bay Nickel, responsible for carrying out the development of the Weda Bay Project located in Indonesia, which is one of the largest undeveloped nickel deposits in the world.
 
According to the Mitsubishi statement, the project will aim to achieve an ultimate capacity of 65,000 mt of nickel per year.