JAKARTA – Huaqi Singapore Pte Ltd took care of the entire shares issued by PT Kolaka Nickel Indonesia (KNI) in a transaction that was held last week (9/3). The equity participation agreement betweek Huaqi and KNI was officially signed back on February 27, 2023.

Filia Alanda, Corporate Secretary of PT Vale Indonesia Tbk (INCO), revealed that KNI’s shareholders consist of Huaqi that owns 764 thousand shares worth IDR 764 billion and INCO of 191,000 shares worth IDR 191 billion.

KNI is a joint venture initiated by INCO and Zhejiang Huayou Cobalt Co Lt. It manages activities in Pomalaa Block in Southeast Sulawesi using High Pressure Acid Leach (HPAL) of Huayou with a production level of 120,000 tons of nickels per year.

The HPAL Pomalaa Block is expected to produce Mixed Hydroxide Precipitate (MHP) for electric vehicle battery. The total investment for this project is said to reach IDR 67.5 trillion. (LK/ZH)