State-Owned Enterprises ( BUMN ) Holding the Indonesian Mining Industry ( MIND ID ) are committed to focusing on building an electric vehicle ecosystem in Indonesia. MIND ID oversees PT Antam Tbk in accelerating the development of the electric vehicle (EV) battery ecosystem by signing a conditional share purchase agreement (CSPA).

The agreement was made between Antam and Hongkong Ningbo Contemporary Brunp Lygend Co. Ltd (CBL) Limited (HKCBL), a subsidiary controlled by CBL for Antam's partial shareholding in PT Sumberdaya Arindo (SDA), on Monday (16/1/2023).  The signing of this CSPA is the first step in realizing the implementation of the EV battery ecosystem development project in Indonesia and in line with Antam's commitment to support the development of the project.

MIND ID Focuses on Developing the Downstream of the National Mining Industry In addition, this collaboration with CBL can directly contribute to aspects of technology and business experience owned through collaboration with Antam on Natural Resources and at the same time become Antam's strategic partner in implementing an integrated EV battery ecosystem development project in Indonesia. MIND ID Director of Institutional Relations Dany Amrul Ichdan said, this collaboration was a very good milestone for building other follow-up collaborations in Indonesia.

Therefore, Dany invites global corporations to be able to collaborate with MIND ID so that the development of the EV battery ecosystem in all aspects can be more advanced. “Don't hesitate to invest in Indonesia. Therefore, let's make the development of the EV battery ecosystem successful for integration, because we need a lot of strategic investment , strategic partners , knowledge transfer , and technology , product development , and market penetration . In this case, we are very open to continuing to collaborate," said Dany in a press statement received by Kompas.com , Tuesday (17/1/2023).

For information, this signing is a follow-up to the signing of the framework agreement for the integrated  EV battery ecosystem development project in Indonesia. The framework agreement  covers nickel ore mining activities to the battery recycling industry which was carried out by Antam together with PT Indonesia Battery Industry (IBC) and CBL on Thursday (14/4/2022). Not only that, the memorandum of understanding (MoU) also provides opportunities for greater development in nickel ore mining activities. The MoU was carried out within the framework of the EV battery ecosystem development project which will then be implemented by SDA, Antam's subsidiary which has a mining business permit area in East Halmahera, North Maluku.

After signing the CSPA, both Antam and HKCBL will immediately fulfill the conditions precedent . The signing of the CSPA will be followed by the signing of a conditional shareholder agreement ( conditional SHA), Thursday (14/4/2022). In particular, the conditional SHA will become effective after the transfer of part of the company's share ownership in SDA, namely on the date of completion of the CSPA transaction. Upon completion of the transaction, Antam and HKCBL will sign a share sale and purchase deed. Then, thereafter, Antam will remain the controlling shareholder of SDA in accordance with the provisions of the Statement of Financial Accounting Standards (PSAK) 65, so that it will not change the status of SDA as a consolidated subsidiary in Antam's financial statements.

Source: https://nasional.kompas.com/read/2023/01/17/10510521/investasi-cbl-buktikan-mind-id-jadi-pilar-penting-terwujudnya-percepatan