Indonesian state-controlled mining company PT Aneka Tambang (Antam) has acquired a 30% stake in a smelter owned by a subsidiary of China's stainless steel giant, Tsingshan Holding Group. The deal, valued at USD 102 million, was announced in an exchange filing on Monday.
PT Aneka Tambang made the acquisition through its nickel mining subsidiary, PT Gag Nikel, by purchasing shares in PT Jiu Long Metal Industry. PT Jiu Long Metal, established in 2020, is controlled by Eternal Tsingshan Group Ltd, a key subsidiary of Tsingshan Holding.
This strategic move further strengthens PT Aneka Tambang 's position in Indonesia's growing nickel and smelting industry.
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