Merdeka Battery Bolsters Nickel Business with HNMI Acquisition

PT Merdeka Battery Materials Tbk (MBMA) has entered into a conditional agreement to acquire a majority stake of 60 percent in the PT Huaneng Metal Industry (HNMI). HNMI operates a high-grade nickel matte (HGNM) conversion facility located in the Indonesia Morowali Industrial Park (IMIP) in Morowali Regency, Central Sulawesi.

Merdeka Battery has acquired a 60 percent stake in HNMI for US$75 million. Merdeka Battery management says, "The proposed acquisition will enable MBMA to transition its larger RKEF (Rotary Kiln Electric Furnace) asset base to class 1 nickel production. The purchase is targeted for completion in mid-2023."

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