Nickel Industries, the biggest pure-play nickel producer listed on the ASX, lost nearly one quarter of its value after one of its major shareholders dumped half of its stock below the asking price.
The company shed $600 million in value on Tuesday amid investor concerns that the Indonesian government was considering raising royalties paid by mining companies to fund spending, to repair the country’s budget and to offer programs such as free school lunches. Nickel Industries operates mines and processing facilities entirely in Indonesia.
