Column: Electric dreams turn into a nightmare for battery metals
A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
Indonesian state-controlled miner PT Aneka Tambang (Antam) is planning to acquire a smelter owned by a subsidiary of Chinese stainless steel giant Tsingshan Holding Group, its chief executive said on Tuesday.
The plan would be part of the company’s non-organic growth strategy, Nicolas Kanter said in a public presentation.
“In order to realize mineral downstreaming and support the development of the EV battery ecosystem in Indonesia, Antam plans to acquire a nickel processing smelter owned by the Tsingshan Group,” Kanter said.
The company is currently expanding its downstream operation, which will help support the Indonesian government’s ambition to develop a battery production industry.
Separately, it is also preparing to launch construction of two nickel plants under its partnership with China’s Ningbo Contemporary Brunp Lygend Ltd (CBL).
(By Fransiska Nangoy; Editing by Martin Petty and John Mair)
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