PT Aneka Tambang Tbk (ANTM) has prepared two of its subsidiaries, PT Sumberdaya Arindo (SDA) and PT Nusa Karya Arindo (NKA), to work on the project of the upstreaming development of the electric vehicle (EV) battery ecosystem.

Syarif Faisal Alkadrie, Corporate Secretary of ANTM, claimed that both subsidiaries have adequate nickel reserves to support business in the EV sector. However, these subsidiaries are still currently initiating partnerships with other investors.

“As of now, we are currently negotiating with two strategic partners, PT Ningbo Contemporary Brunp Lygend Co. Ltd. (CBL) and LG Energy Solution (LGES),” Alkadrie explained, as quoted from Investor Daily.

The negotiation is now entering the phase of principle discussion. As ANTM is representing Indonesia’s state-owned enterprise, it chooses to exercise caution in this negotiation phase. “This finalisation will include the determination of the roles of SDA and NKA in the upstreaming business,” Alkadrie further added.

The management of ANTM expects this deal with CBL to be closed by the first half of 2023. Meanwhile, the development of the new mining area for EV battery project is estimated to commence later this year. (KR/ZH)

Image source: KR/ZH

Source: https://www.idnfinancials.com/news/45631/aneka-tambang-send-subsidiaries-ev-battery-industry