One of the mining companies, PT Harum Energy, Tbk (HRUM) through its subsidiary, namely PT Harum Nickel Industry (HNI) has acquired 250,000 new shares of PT Westrong Metal Industry (WMI). This amount represents 20% of the total issued and paid-up capital of WMI with a purchase price of US$ 75 million on 27 April 2022.

HRUM President Director Ray A Gunara explained, WMI is a limited liability company engaged in nickel refining (smelter). "WMI's smelter using  rotary klin electric furnace  (RKEF) technology is planned to be built this year along with the infrastructure in the Weda Bay Industrial Area (Indonesia Weda Bay Industrial Park) in Central Halmahera Regency," Ray explained in a Disclosure of Information to the Exchange. Indonesian Securities (IDX) on Monday (9/5).

It also explained that its annual production capacity is targeted to be between 44,000-56,000 tons of nickel in the form of  ferronickel / nickel pig iron . "The purpose of the transaction carried out by the company is to further develop and expand the company's business activities into the nickel industry, which is the realization of the company's long-term business diversification strategy," said Ray A Gunara.