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FPX Nickel Gets C$14.5 Million Investment from Sumitomo Metal Mining for 9.9% Interest

By Adriano Marchese


FPX Nickel said Wednesday that it has received a 14.5 million Canadian dollar ($10.7 million) investment from Japanese metals miner and producer Sumitomo Metal Mining for a 9.9% stake.

The Canadian nickel producer said it will issue 30.1 million shares to Sumitomo Metal Mining Canada, the subsidiary of Sumitomo Metal Mining, at a price of C$0.48 a share.

The offer price is a premium to FPX's current share price. Shares have been under pressure in the last 12 months, falling nearly 21% and closing at C$0.33 on Tuesday.

FPX said it intends to use the proceeds of the investment to advance its exploration and development activities at its flagship facility in central British Columbia.

Based on the company's preliminary feasibility study completed in 2023, Baptiste has the potential to produce an average of 59,100 metric tons of nickel a year over a projected mine life of 29 years.


Write to Adriano Marchese at


(END) Dow Jones Newswires

January 17, 2024 07:31 ET (12:31 GMT)

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