Silkroad Nickel Ltd. is the first nickel mining company listed on the SGX. Formerly known as China bearing Ltd., the company’s stock trading resumed on July 30, 2018 as a result of a reverse takeover by Far East Mining Ltd. The acquisition and change of name was completed on July 5, 2018. Silkroad Nickel Ltd. trades on the SGX under the ticker STP.
Being primarily engaged in exploration, mining, production and sales of nickel ore, Silkroad Nickel Ltd. (through its 99% subsidiary PT Teknik Alum Service “PT TAS”), has the mining business license to carry out nickel ore mining operations in the Morowali Regency, Central Sulawesi, Indonesia.
The total concession area of 1,301 hectares has been drilled and JORC certified. To date, mineral resources of Nickel Grade > 0.99% have been estimated to be 146 million tonnes and Probable Mineral Reserves Nickel Grade > 1.08% have been estimated to be 45 million tonnes.
The Company conducts its mining activities in the concession area using an open pit mining method, which includes the exploration, planning and clearing of required surface areas, mining, transportation and stockpiling, delivery and barging, as well as reclamation and rehabilitation works. The Company engages third party contractors to undertake the necessary mining and production activities such as the stripping of overburden, excavation, transportation and stockpiling of the nickel ore as well as the maintenance of hauling roads. The company complies with all applicable Indonesian regulations in respect to the acquisition of the land use rights required for the concession area.
The Company is currently undertaking the construction of a blast furnace smelter on the mine site in Morowali with its joint venture partner PT ASI. The smelter output capacity is expected to be 12,000 tonnes of pure nickel per annum.