Indonesia’s MBMA acquires 60% shares in Huaneng Metal Industry
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Update time : 2023-05-12 16:55:47
PT Merdeka Battery Materials Tbk (MBMA), a mining company in Indonesia, announced that it has reached a conditional agreement to acquire 60% shares in PT Huaneng Metal Industry (HNMI), a high-grade nickel matte conversion facility located in Indonesia Morowali Industrial Park (IMIP) in Central Sulawesi.
The estimated value of the proposed 60%-share acquisition was approximately US$75 million, and Tsingshan is holding the remaining 40%.
The acquisition will enable MBMA to convert RKEF's larger asset base into nickel production and unlock value. The acquisition was targeted to be completed by mid-2023.
