Sumitomo Metal Mining (SMM) has announced plans to acquire the remaining 15.625% stake in the Coral Bay Nickel Corporation (CBNC) from Nickel Asia Corporation (NAC), making CBNC a wholly-owned subsidiary. Currently, SMM holds an 84.375% stake in CBNC, the Philippines' first hydrometallurgical metal processing plant utilizing the high-pressure acid leaching (HPAL) process. The smelter has a production capacity of 24,000 tons per year of nickel and 2,500 tons per year of cobalt. Details regarding the transaction price and timeline have not been disclosed.