Nickel Industries (ASX:NIC) said its Sampala project in Indonesia has the potential to significantly contribute to future earnings before interest, taxes, depreciation, and amortization, at a capital development cost of $50 million, according to a Wednesday filing with the Australian bourse.
The company said that drilling at the project enabled the finalization of mine plans and it is now focused on bringing the project into production at the soonest time frame, the filing said.
Production at the project will secure ore supply for the company's processing opportunities at the Indonesia Morowarli Industrial Park, the filing added.
Shares of the company rose 1% in recent Wednesday trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.