DIGIVESTASI - PT Aneka Tambang Tbk (IDX: ANTM) is collaborating with Hong Kong CBL Limited (HKCBL) to form a joint venture to develop a hydrometallurgical project (HPAL JVCO) as a raw material for electric vehicle batteries. 

For this purpose, ANTM first sold 49% of PT Sumberdaya Arindo (SDA) shares worth USD 416 million to Hong Kong CBL Limited (HKCBL) on December 28, 2023. ANTM still has the option to receive conditional payment rights if there are reserves in the SDA mining area within 36 months from the transfer date. 

Currently, ANTM controls 51% of SDA shares with a total nominal value of Rp 4.137 trillion and the remaining 49% is controlled by HKCBL with a total nominal value of Rp 3.975 trillion. For your information, SDA has a concession license (IUP) located on the east coast of Halmahera Island, North Maluku Province, Indonesia, which is a continuation of ANTM's IUP completion process on East Halmahera Island, southern North Maluku. The total area of SDA's IUP is 14,421 hectares with total reserves of 199.1 million tons. 

SDA targets a nickel ore production capacity of 13.5 million tons to be achieved by 2029. 
At the same time, the state-owned mining company also sold a 10% stake in PT Feni Haltim (FHT) worth IDR 130.2 billion to HKCBL. PT International Mineral Capital followed in its parent's footsteps by selling a 50% stake in FHT for IDR 651 billion to HKCBL.

Post-transaction, ANTM owns 40% of FHT with a total nominal value of IDR 491.6 billion, and HKCBL owns 60% of FHT with a total nominal value of IDR 737.4 billion. In addition, ANTM and HKCBL have formed a company engaged in the development of ownership, financing, operation and maintenance of HPAL and mixed hydroxide precipitation production and sales facilities. 

The joint venture was established with a paid-up capital of IDR 10 billion with 30% of the shares owned by ANTM and 70% controlled by HKCBL. Furthermore, ANTM through its subsidiary PT Industri Battery Indonesia (IBC), together with HKCBL and CBL International Development Pte Ltd (SGBL), established three joint ventures for electric vehicle battery projects. 
In particular, IBC and HKCBL established a joint venture to produce electric battery materials.  The company with a paid-up capital of IDR 10 billion will be controlled 30% by IBC and the rest held by HKCBL. 

In addition, IBC and SGCBL established a joint venture to produce electric vehicle batteries with a capital of IDR 10 billion. In this company, IBC holds 30% of the shares and 70% is controlled by SGCBL. The third company, IBC and HKCBL, is building an electric vehicle battery recycling plant with a capital of Rp 10 billion.

In this company, IBC holds a 40% stake and 60% is controlled by HKCBL.  In ANTM's official statement, Thursday (28 December 2023), it was explained that this series of transactions aims to fulfill the mission of the Government of the Republic of Indonesia towards the development of the electricity sector of the country's automotive industry, which is expected to have a positive impact on the national economy.