Nickel Asia Aims to Sell Processing Plant Stake to Sumitomo (1)

Nickel Asia Corp. is in talks to unload its minority stake in a key processing plant to Japan’s Sumitomo Metal Mining Co. as the Philippines’ top producer of the metal focuses on upstream mining and renewable energy businesses.

The Philippine miner, partly owned by Sumitomo, aims to sell its entire 15.625% stake in Coral Bay Nickel Corp. and will engage a third party to conduct a valuation of the Coral Bay shares, it said in a stock exchange filing on Tuesday.

Coral Bay is one of Nickel Asia’s two high-pressure acid leaching plants - the Philippines’ only processing facilities for ...