[Edaily Reporter Park Jung-Soo ] #Sphere Corporation has completed the establishment of a large-scale import financing infrastructure ahead of the commercial operation of its nickel project in Indonesia.

Sphere Corporation, a global supply chain management (GSCM) company, announced on the 22nd that it has completed the opening of import letters of credit (L/Cs) through its headquarters and subsidiaries to execute a nickel off-take agreement (long-term purchase contract) related to the “Excelsior Nickel Cobalt HPAL (ENC)” project within the Morowali Industrial Park (IMIP) in Indonesia.
This financial infrastructure is a measure to ensure the stable import of high-purity Class 1 nickel volumes corresponding to the 10% stake in the ENC project secured by Sphere.
Sphere’s wholly-owned subsidiary, The Special Metals (TSM), secured a trade letter of credit (L/C) worth $20 million (approximately 30 billion won) through a credit syndicate with Shinhan Bank.
As a result, Sphere has established a total of 30 billion won in import trade finance infrastructure through its subsidiary. The company expects this will minimize potential supply chain bottlenecks that may arise during the raw material procurement process following the start of commercial production at the ENC project.
Sphere had previously acquired a 10% stake in the ENC project from Australian mining company Nickel Industries Limited (NIC), thereby securing nickel off-take rights. With the establishment of this financial infrastructure, the company has laid the groundwork for managing the supply chain—from nickel procurement to processing and supply.
The company expects that the secured nickel volume will be utilized to supply high-value-added materials, such as special alloys for the aerospace industry.
A Spear Corporation official stated, “The opening of this letter of credit has laid the groundwork for us to stably secure and utilize commercial production volumes from the ENC project,” adding, “We will strive to enhance our business competitiveness and shareholder value based on our supply chain management capabilities.”