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Sphere Corporation has acquired a 10% stake in the Excelsior Nickel Cobalt nickel refining project in Indonesia for $240 million, supported by an off-take agreement. Hanwha Investment & Securities facilitated this acquisition, securing $210 million from global investors.

The ENC project is significant for the aerospace supply chain, particularly for companies like SpaceX. This stake is viewed as a strategic investment aimed at enhancing the competitiveness of the aerospace industry in South Korea by securing key minerals and stabilizing material supply. Hanwha Investment & Securities emphasized the importance of this investment for the growth direction of Korea's aerospace sector and its private-sector-led resource acquisition strategy.