Shares of Nickel Industries (ASX:NIC) surged by 2% and reached A$0.765, marking its highest rate since October 2.

The nickel producer announced that it’s reached a positive final investment decision for the Excelsior Nickel Cobalt high pressure acid leach (HPAL) Project, which is scheduled for construction in Indonesia.

The company also disclosed its involvement in a five-year, $400 million financing deal with PT Bank Negara Indonesia, which will help fund the upcoming project.

Despite these recent gains, Nickel Industries' stock has fallen by 22.7% year-to-date as of its most recent closure.

Nickel Industries is a producer of nickel and engaged in various investment projects.