The SPA is for the sale of the entire issued share capital of Sardes Nikel Madencilik and Turmad Madencilik Ve Ticaret, the holding entities for ENK’s wholly owned Caldag nickel project in Turkey, for $40m.

ENK said following the receipt of a $6m non-refundable deposit on 16 September 2011, the remaining $34m is payable no later than 15 November 2011.

According to the company, shareholder approval is not required for the completion of this transaction.

VTG Nikel Madencilik San. Ve Tic is a subsidiary of Turkish exploration and mining firm Oremine Madencilik San. Ve Tic.