{"id":331067,"date":"2025-01-08T12:41:39","date_gmt":"2025-01-08T04:41:39","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=331067"},"modified":"2025-01-08T12:41:41","modified_gmt":"2025-01-08T04:41:41","slug":"trade-the-news-nikl-in-talks-to-sell-coral-bay-stake-to-sumitomo-metal","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/trade-the-news-nikl-in-talks-to-sell-coral-bay-stake-to-sumitomo-metal\/","title":{"rendered":"Trade the News: NIKL in talks to sell Coral Bay stake to Sumitomo Metal"},"content":{"rendered":"\n
Potential Impact of this News<\/strong><\/td>POSITIVE on the stock price<\/strong><\/td><\/tr>
Company<\/strong><\/td>Nickel Asia Corp.<\/td><\/tr>
Stock Code<\/strong><\/td>NIKL<\/td><\/tr>
Long-term Recommendation on the Stock<\/strong><\/td>Buy<\/td><\/tr>
1-Year Target Price<\/strong><\/td>PHP 4.72<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

NICKEL ASIA Corp. (NAC) is in talks with its Japanese partner Sumitomo Metal Mining Co., Ltd. (SMM) to sell its stake in Coral Bay Nickel Corp. (CBNC), which operates a hydrometallurgical processing plant in Palawan.<\/p>\n\n\n\n

NAC is in \u201cdiscussions and negotiations with SMM for the proposed sale of all of NAC\u2019s shareholding in CBNC equivalent to 15.625% of the total outstanding and issued capital stock of CBNC,\u201d the mining company said in a disclosure on Monday.<\/p>\n\n\n\n

SMM, the majority shareholder of CBNC, currently owns the remaining stake in the company.<\/p>\n\n\n\n

\u201cAs a condition precedent for the proposed sale, (Nickel Asia) will engage a third party to conduct a valuation of the CBNC shares,\u201d it added.<\/p>\n\n\n\n

The company said it has reclassified its investments in CBNC shares as available for sale and will no longer recognize equity gains or losses from its investment in Coral Bay.<\/p>\n\n\n\n

CBNC operates the Coral Bay high-pressure acid leach or HPAL processing plant in Rio Tuba, Palawan which processes metals from lateritic nickel ore. The metals are converted into nickel and cobalt mixed sulfide.<\/p>\n\n\n\n

The processed products are refined in Japan to become components in the electronics, chemical engineering, and aerospace industries. Refined products are also used as battery components for electric vehicles.<\/p>\n\n\n\n

Nickel Asia supplies the ore for processing to the Coral Bay plant from its mining operations.<\/p>\n\n\n\n

The company owns five mines: Rio Tuba in Palawan, Taganito and Tagana-an in Surigao del Norte, the Cagdianao mine in Dinagat Islands, and the Dinapigue mine in Isabela.<\/p>\n\n\n\n

As of the third quarter of 2024, Nickel Asia\u2019s attributable net income declined by 24.2% to P1.44 billion. Its revenues fell by 8.01% year on year to P7.69 billion amid lower nickel and limestone sales.<\/p>\n\n\n\n

(News Source: Business World<\/a>)<\/em><\/p>\n\n\n\n

<\/div>\n\n\n\n

This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Take advantage of the price opportunity that might arise when the news hits. Trade the news!<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1371],"tags":[],"class_list":["post-331067","post","type-post","status-publish","format-standard","hentry","category-trade-the-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/331067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=331067"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/331067\/revisions"}],"predecessor-version":[{"id":331069,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/331067\/revisions\/331069"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=331067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=331067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=331067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}