STX announced on Nov. 30 that the drilling exploration results for prioritizing production areas in the Sulawesi nickel mine, where it secured a 20% stake last August, revealed a saprolite layer with a nickel content of 1.6%.
Nickel ore with a pure nickel content of over 1.6% after impurity removal is a high-quality nickel ore preferred by local smelters. This drilling result means STX has secured not only early access to nickel but also economic efficiency and price competitiveness due to its high quality.
Based on these results, STX plans to inject additional funds and manpower into the nickel mine to expedite the production timeline.
An STX official stated, “Our goal is to secure an annual nickel volume of 2 million tons from the Sulawesi nickel mine, generating over US$130 million in revenue. Considering the current progress, we expect to start production in the first half of next year.”