PT Merdeka Battery Materials Tbk (MBMA), a mining company in Indonesia, announced that it has reached a conditional agreement to acquire 60% shares in PT Huaneng Metal Industry (HNMI), a high-grade nickel matte conversion facility located in Indonesia Morowali Industrial Park (IMIP) in Central Sulawesi.

The estimated value of the proposed 60%-share acquisition was approximately US$75 million, and Tsingshan is holding the remaining 40%.

The acquisition will enable MBMA to convert RKEF's larger asset base into nickel production and unlock value. The acquisition was targeted to be completed by mid-2023.