PT completes the acquisition of a stake in an Indonesian nickel refining company to expand its nickel business

PT Harum Energy Tbk (HRUM), through its subsidiary PT Harum Nickel Industry, has subscribed for 250,000 new shares in PT Westrong Metal Industry, representing 20% of Westrong Metal Industry's total issued and paid-in capital, at US$75 million. (Westrong Metal Industry is an Indonesian nickel refining company)

On May 9, 2022, Ray A Gunara, President of Harum Energy, said: "The purpose of this transaction is to further develop and expand business activities in the nickel industry and is the realization of HRUM's long-term business diversification strategy."

The smelter, owned by Westrong Metal Industry, uses Rotary Kring Electric Furnace (RKEF) technology and is scheduled to be built this year alongside infrastructure in the Weda Bay industrial area in the middle of Halmahera Regency. The smelter's annual nickel production will be between 44,000 tonnes and 56,000 tonnes of FENI or NPI.