News: PNM Australia's Nickel Mines plans to raise $300 mln for stake buy in Indonesia project

March 18 (Reuters) - Australia's Nickel Mines Ltd (NIC) said on Thursday it intends to raise $300 million through an offering of senior unsecured notes, as it looks to raise cash to fund its stake buy in an Indonesian project.

Nickel miners have been looking to swoop up projects and shore up their output, seeking to benefit from soaring prices of the battery metal used to make electric vehicles.

The company said it intends to use the proceeds from the offering to fund its $350 million second stage purchase of additional stake in the Angel Nickel project.

In January, the Sydney-headquartered firm negotiated with partner Shanghai Decent Investment Group to acquire a further 10% stake in the project, bringing its total ownership to 80%.

The miner, which has seen its stock jump nearly 30% this year so far, said in October its purchase of stake in the project will double its nickel production within two years.

The notes will be offered only to certain persons outside the United States in offshore transactions, the company said.