By Romel S. Gurky
Indonesia’s state-controlled mining firm PT Aneka Tambang Tbk or Antam (IDX: ANTM) said it has completed a series of transactions with Hong Kong CBL Limited (HKCBL) related to the planned development of an EV battery ecosystem in Indonesia.
HKCBL is a subsidiary of Ningbo Contemporary Brunp Lygend Co. Ltd. (CBL), which is a subsidiary of China’s Contemporary Amperex Technology Co Limited (CATL), the world’s largest EV battery maker.
Antam said in a statement Friday that HKCBL had on 28 December the acquisition of a stake in PT Sumberdaya Arindo, a subsidiary of Antam which operates a nickel mine in Halmahera Timur Regency, North Maluku Province.
Antam did not provide details about this transaction including the size and value of the share acquisition. It was previously reported that Antam would transfer a 49% stake in SDA to HBCBL. SDA reportedly will supply nickel ore to a joint venture smelter that would produce raw materials for the production of intermediate chemicals for EV batteries.
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The statement said that HKCBL had also concluded the acquisition of shares in PT Feni Haltim, a subsidiary of Antam that operates a ferronickel smelter in Halmahera Timur.
“Antam and HKCBL have also signed an agreement related to the plan to establish a company for the hydrometallurgical projects (HPAL JVCO ) based on a Joint Venture Agreement between Antam and HKCBL on 22 December 2023,” Antam said in the statement.
“The above series transactions between Antam and CBL is a form of the company's business development through integrated nickel minerals downstream development from upstream to downstream. Such transactions will lay an essential foundation for the development of the EV battery ecosystem in Indonesia,” the statement added.
CBL signed a framework agreement with Antam and state-owned Indonesia Battery Corporation on April 14, 2022, for the EV battery integration project in Indonesia, covering nickel mining, EV battery materials, EV battery production and battery recycling that would help realize the country’s ambition of becoming an EV hub in the region.
Editing by Reiner Simanjuntak
