China's Jilin Ji En Nickel Industry said on Wednesday that it aimed to raise up to 6 billion yuan ($928 million) via a private placement, Reuters reported Wednesday.

Ji En will issue up to 300 million A-shares. The proceeds will be used to fund its nickel laterite smelting project in Indonesia, the company said in a filing to the Shanghai Stock Exchange.

China is the world's top consumer of nickel, a key ingredient in stainless steel production, and has been increasing nickel ore imports to meet rising domestic demand, according to the report. 

China imported 25 million tons of nickel laterite in 2010, half of which was from Indonesia. The company estimated that China's imports of nickel laterite may hit 35-40 million tons in 2012.

China has encouraged its nickel smelters to invest in resources overseas to ease domestic supply shortages.