Nickel Industries - to invest US$169 mln for a 17.5% interest in PT Teluk Metal Industry Hpal Project

Nickel Industries, an Australian-listed mining company, has announced plans to invest US$169 million to acquire a 17.5% interest in the HPAL (Hydro冶金) project operated by PT Teluk Metal Industry (PT TMI) in Indonesia. This strategic move aligns with the company’s broader transition from nickel pig iron (NPI) production for the stainless steel industry to battery-grade nickel for EV.

The investment underscores the growing global demand for battery-grade nickel, driven by the expansion of the EV market. Nickel Industries has been actively positioning itself to capitalize on this trend by diversifying its production capabilities and strengthening its presence in Indonesia, a key player in the nickel sector.

Separately, South Korean firm LS MnM has also announced plans to acquire a 78% stake in PT TMI, highlighting international interest in securing nickel resources in Indonesia. These developments reflect the intensifying competition among global players to secure a stable supply of nickel for the EV battery industry.