PT Merdeka Battery Materials, a nickel unit of miner Merdeka Copper Gold, has entered a conditional agreement to acquire 60-percent shares in PT Huaneng Metal Industry (HNMI), a nickel-processing facility in Indonesia Morowali Industrial Park (IMIP), Sulawesi.
The nickel facility was built by Eternal Tsingshan Group Limited, which happens to own IMIP and Indonesia Weda Bay Industrial Park. Both housed mining and processing firms related to nickel in Indonesia, mostly also Tsingshan’s subsidiary.
In a statement, Merdeka Battery, which comes under ticker MBMA, explained the proposed acquisition was valued around US$75 million and it targeted the deal to be completed by the middle of this year.