AdvertisementAdvertisementBusiness02 Jan 2026 06:43AM (Updated: 02 Jan 2026 07:54AM) Bookmark Bookmark WhatsApp Telegram Facebook Twitter Email LinkedInRead a summary of this article on FAST.Get bite-sized news via a newcards interface. Give it a try.Click here to return to FAST Tap here to return to FASTFAST Jan 2 : Australia's Nickel Industries said on Friday that South Korea's Sphere Corp would buy a 10 per cent stake in the Excelsior Nickel Cobalt high-pressure acid leach (HPAL) project in Indonesia at a $2.4 billion valuation.The South Korean materials manufacturer will acquire the stake from Hong Kong-based Decent Resource, while Nickel Industries will retain its 44 per cent stake in the project, the Australian company said in a statement.Sphere, a special alloy supplier to Elon Musk-led SpaceX, will offtake its 10 per cent share of nickel as cathode material and has entered into an offtake agreement at market price for further volumes above its 10 per cent ownership share.The ENC HPAL project, being built in Indonesia's Central Sulawesi, will be the first HPAL project worldwide with the capacity to produce three class-1 nickel products - mixed hydroxide precipitate (MHP), nickel sulphate, and nickel cathode, according to Nickel Industries' website.Shares of Nickel Industries were up as much as 9 per cent by 2340 GMT, and were the best performers on the S&P/ASX 200 benchmark index.The deal comes amid soaring nickel prices as top producer Indonesia plans to cut mining output quotas to support commodity prices.Nickel Industries expects the funding of the transaction to be completed early in the first quarter of 2026.Source: ReutersNewsletterWeek in ReviewSubscribe to our Chief Editor’s Week in ReviewOur chief editor shares analysis and picks of the week's biggest news every Saturday.Sign up for our newslettersGet our pick of top stories and thought-provoking articles in your inboxSubscribe hereGet the CNA appStay updated with notifications for breaking news and our best storiesDownload hereGet WhatsApp alertsJoin our channel for the top reads for the day on your preferred chat appJoin hereAlso worth readingContent is loading...Expand to read the full storyGet bite-sized news via a newcards interface. Give it a try.Click here to return to FAST Tap here to return to FASTFAST