China Nickel Resources Holdings Co Ltd said on Oct 9 it would buy an 80 percent equity stake in Indonesian iron-nickel ore firm PT Yiwan Mining for HK$2.067 billion ($266 million) in a bid to secure supply of nickel-iron ores and mineral resources.

The Chinese integrated mineral resources, nickel and special steel maker said in a statement that HK$1.907 billion of the acquisition costs would be settled by the issue of convertible notes.

The actual consideration of the acquisition is subject to adjustments and that the final valuation of Yiwan Mining could be as much as a maximum of HK$3.1 billion, it added.