Indonesia’s Antam Partners with CATL in Strategic Share Sale for EV Battery Development

Indonesia’s Antam Partners with CATL in Strategic Share Sale for EV Battery Development

Strategic Sale to CATL Unit

Indonesian mining company Aneka Tambang (Antam) has announced a significant share sale to Ningbo Contemporary Brunp Lygend Co Ltd (CBL), a unit of Contemporary Amperex Technology Co (CATL), the world’s leading electric vehicle (EV) battery manufacturer. The deal, valued at $467.18 million, sees CBL acquiring substantial stakes in two of Antam’s subsidiaries.

Details of the Share Acquisition

CBL, through its Hong Kong unit, now controls 49% of PT Sumberdaya Arindo and 60% of PT Feni Haltim, following the completion of the share sales on Thursday. This move is part of a broader agreement to develop an EV ecosystem in Indonesia, including the construction of a high-pressure acid leaching (HPAL) plant. This facility is crucial for processing nickel ore into battery materials.

Indonesia’s EV Ambitions

With the largest nickel reserves globally, Indonesia is aggressively pursuing EV development. The country aims to produce around 600,000 EVs by 2030, significantly scaling up from the sales figures in the first half of 2023. This ambitious target is part of Indonesia’s strategy to become a key player in the global EV battery market.

Growing Investments in EV Sector

Several international companies, including China’s Neta EV, Mitsubishi Motors from Japan, and South Korea’s Hyundai Motors, have already invested in Indonesia’s EV battery industry. Efforts to attract industry giants like Tesla and BYD are ongoing as Indonesia looks to capitalize on its nickel resources for EV battery production. icon

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