Silkroad Nickel eyes to sell and export low-grade nickel ore globally.
The Singapore Exchange (SGX) welcomed Silkroad Nickel as the pioneer nickel firm in the Catalist, an announcement revealed.
Formerly known as China Bearing Singapore, the firm transferred its listing from the Mainboard to the Catalist board of the SGX Securities Trading (SGX-ST) after the completion of the reverse takeover of the company by investment firm FE Resources.
“We plan to explore the remaining area of our mining concession area so as to map out the next phases of growth and to identify new concession areas for future acquisitions,” Silkroad Nickel CEO and executive director Hong Kah Ing said.
Since the firm resumed its mining operations for nickel ore in July 2015, the firm has sold its nickel ore domestically and has achieved an aggregate sales volume of 312,549 wet metric tons (wmt) in FY2017.
“We are pleased to welcome Silkroad Nickel to SGX Catalist, the first nickel mining company listed on SGX, further expanding our Mineral, Oil and Gas offerings, and allowing new and existing investors to tap into the growth opportunities in the mining industry in Indonesia.” SGX head of equity capital market (SME) and head of capital market development Mohamed Nasser Ismail commented.
In order to diversify its customer portfolio beyond the domestic Indonesian market, the firm has applied to the Ministry of Energy and Mineral Resources (MEMR) to commence the application process for the Export Quota to sell and export low-grade nickel ore to international customers.
With a market capitalisation of about $92m, Silkroad Nickel is the 26th firm listed under the Mineral, Oil and Gas companies. Its stock opened at $0.30.
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