Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif says the government will seek for new partners and investors after Germany’s BASF and French’s Eramet decided to withdraw from the Sonic Bay project in Weda Bay Industrial Estate, North Maluku.” If they withdraw, we will look for others, there are many others who want to work on the project,” Arifin said on Friday, June 28, 2024.Speaking about the reason for BASF’s withdrawal from the project, Arifin said the German company wanted to use the end products from its own industry.“BASF said that they can secure their own supply need and decided not to invest in Indonesia. Perhaps, they have invested in other place, we do not know the real reason behind,” he added.Germany’s BASF and French’s Eramet, which already have business legality under the name PT Eramet Halmahera Nikel (PT EHN) planned to develop the US$2.6 billion Sonic Bay project in Weda Bay Industrial Estate, North Maluku. The project is the construction of a nickel refining plant with High Pressure Acid Leach (HPAL) technology that produces Mixed Hydroxide Precipitates (MHP).According to the Investment Ministry/Investment Coordinating Board, BASF and Eramet’s decision not to proceed with the investment plan was based on consideration of significant changes in nickel market conditions, especially in the choice of nickel which supplies raw materials for electric vehicle batteries. Thus, BASF decided that there is no longer a need to invest in the supply of electric vehicle battery materials.In a statement to Indonesia Business Post, French mining and smelter company Eramet announced that the company and Germany’s BASF have decided against a joint investment in a nickel-cobalt refining complex in Weda Bay.Eramet will continue to evaluate potential investments in the nickel electric vehicle battery value chain in Indonesia and will keep the market informed in due course.In 2020, Eramet and BASF signed an agreement to assess the potential of jointly developing and constructing a nickel-cobalt refining complex in Weda Bay. After thorough evaluation, including discussions about project execution strategy, both partners have decided against this investment.Geoff Streeton, Eramet’s Group Chief Development Officer, said Indonesia is poised to play a pivotal role in the future of the overall global nickel market. “Eramet remains focused on sustainably optimizing the resource potential of Weda Bay mine to supply ore to local nickel producers, while also further investigating opportunities to participate in the nickel electric vehicle battery value chain in Indonesia,” he said.Cooperation with Geological AgencyDespite its withdrawal from Sonic Bay Project, Arifin said Eramet will continue its cooperation with Geological Agency, a government agency under the Ministry of Energy and Mineral Resources.On May 6, 2024, The Indonesian Geological Agency sealed a collaboration agreement with Eramet Group, a French metallurgical mining company, to conduct a study on critical minerals.Irwandy Arif, Expert Staff to the ESDM Minister for Accelerating Mineral Governance, said that the partnership aims to strengthen the electric vehicle (EV) ecosystem in Indonesia, emphasizing that the ESDM ministry welcomes the opportunity to collaborate with Eramet in Indonesia.The MoU signing ceremony took place in the presence of Bruno Faour, Director of Eramet Indonesia, and Agung Pribadi, Head of the Center for Mineral Resources of Coal and Geothermal (PSDMBP) at the Geological Agency. The event was also attended by Pauline Leduc, Deputy Head of the Economic Department at the French Embassy in Indonesia.

Coordinating Minister for Economic Affairs Airlangga Hartarto together with the Minister of Investment/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia, accompanied by the President Director of PT Freeport Indonesia (PTFI) Tony Wenas inaugurated the operation of the PTFI smelter in the Java Integrated Industrial and Port Estate Special Economic Zone (KEK) ( JIIPE), Gresik, East Java.“A factory that I call extraordinary. It's extraordinary that within 30 months since the groundbreaking by the President, we were able to finish construction on time. "This is extraordinary," said Airlangga in his speech.He said the construction of the Freeport smelter was part of the Special Mining Business Permit (IUPK) agreement. The construction process is taking place on time, currently starting operations and production in August until reaching full capacity in December 2024."So this (smelter) is very timely because now renewable energy is a trend and is needed "One of the critical minerals is copper," said the Coordinating Minister.He said that with the PTFI smelter, mining activities and the refining process would take place domestically. It is hoped that this will have a positive impact on the economy in the country, where the added value of mining products will be enjoyed domestically.In his speech, Minister of Investment Bahlil Lahadalia expressed his gratitude and happiness with the Freeport smelter which started operating because the construction process faced a number of challenges.“Today I am happy and grateful because this has been a long journey. I know very well that building this smelter is not easy, it was about to be shifted, the dynamics were begging for forgiveness. In 2021, when we decided to build immediately, there was the COVID-19 pandemic. But today we can witnessed this smelter (starting to operate). "This is proof that Freeport management is realizing its commitment to implementing the IUPK requirements," said Bahlil.Minister of Energy and Mineral Resources (ESDM) represented by Acting Director General of Minerals and Coal Bambang Suswantono said the Ministry of Energy and Mineral Resources is monitoring and supervising the construction of the Freeport smelter."With the inauguration of the Freeport smelter operation in Gresik, this marks the start of mineral downstreaming which is the direction of the President (Joko Widodo). "Thank God, Freeport, Gresik Regency, the East Java Provincial Government are supporting us so that the construction of the Freeport smelter is completed on time and this marks the start of mineral downstreaming in our country," said Bambang.PTFI President Director Tony Wenas said that the construction of this new smelter was PT Freeport Indonesia's commitment to support the copper mineral downstream policy launched by the government.He said that in the future copper will be really needed by the world. Other countries are racing in the energy transition, will need huge amounts of copper. "What the President announced in the IUPK to build another new smelter is the right intuition. "World copper demand will continue to increase, accelerating the formation of the electric vehicle ecosystem, accelerating Indonesia's gold," he said.The inauguration of the PTFI smelter operation took place in front of the Sulfuric Acid Tank area. Marked by pressing the siren button, the start of the smelter operation, followed by the signing of the inscription. Also present at this event was Acting Governor of East Java. East Java Provincial Secretary Bobby Soemiarsono, and Gresik Regent Fandi Akhmad Yani.For your information, PTFI's new smelter is capable of refining copper concentrate with a production capacity of 1.7 million tons. Apart from producing copper cathodes, the smelter also produces anode mud which is then refined at the Precious Metal Refinery (PMR) into gold and silver bullion, as well as Platinum Group Metals (PGM).Until the end of May 2024, PTFI's investment in building a copper smelter with the largest single line design in the world has reached 3.67 billion US dollars or around IDR 58 trillion.

PT Bayan Resources Tbk (BYAN) received a loan in the form of a credit facility from PT Bank Central Asia Tbk (BBCA). BYAN signed this credit facility agreement on Thursday (7/12).The credit facility provided by BCA is USD 75 million. This loan consists of a revolving time loan facility with a maximum of USD 50 million. Then, the standby L/C facility is a maximum of USD 75 million. Lastly, the maximum forex forward line facility is USD 10 million.This loan facility has a term of 36 months from the signing of the banking facility agreement.Later, this credit facility from BBCA will be used by BYAN to finance working capital, support operational activities, and for foreign exchange transaction needs for BYAN and its subsidiaries.With this loan, BYAN will have a better opportunity to increase the allocation of funds to finance the operations of BYAN and its subsidiaries."This facility is guaranteed by a corporate guarantee provided by PT Bara Tabang, which is a subsidiary of BYAN," wrote BYAN Director Jenny Quantero in an information disclosure on the Indonesian Stock Exchange, Friday (8/12).

Jakarta - Mining holding MIND ID will soon add a 14% stake in PT Vale Indonesia Tbk (INCO). Quoted from the Indonesian Stock Exchange (BEI) information disclosure, Vale will increase capital through the issuance of shares with pre-emptive rights (HMETD) or a rights issue."INCO's HMETD ratio is 8,233:500 for shares (every holder of 8,233 old INCO shares has 500 HMETD to buy 500 new shares at an exercise price of IDR 3,050 per share)," read the IDX announcement as quoted, Monday (17/6/2024).The theoretical price of shares for the regular and negotiated markets on June 19 2024 is IDR 3,990. The theoretical price itself is the price applied by the stock exchange as a bargaining guide for shares at the start of the first trading on the regular market after the issuance of new shares.It was explained that INCO's share price at the end of the regular market on June 14 2024 was recorded at IDR 4,050. Thus, the theoretical price for bargaining guidelines and calculating the IDX Share Price Index and Individual Share Price Index is determined based on the formula (Rp. 4,050x8,233) + (Rp. 3,050x500)/8,233+500=Rp. 3,992,746."The theoretical price of INCO shares listed on JATS for the Regular Market and Negotiated Market on June 19 2024 is adjusted by the price fraction to IDR 3,990," the announcement further stated.Previously, Vale Indonesia President Director Febriany Eddy stated that the divestment process of Vale Indonesia shares would be completed this month. In this way, the divestment obligation has been completed.For information, Vale Indonesia shareholders will release 14% shares to the MIND ID mining holding. In this way, MIND ID ownership in Vale Indonesia will become 34%, from the previous 20%."The target is to be completed this month, this month everything should be completed. Now with the completion of this divestment process, the implementation of our divestment obligations will be complete," she said at a press conference, Jakarta, Monday (10/6).He said the divestment process itself was running smoothly. she said the divestment process began on February 26 with the signing of an agreement. In the divestment agreement, the transaction scheme was also agreed."I think the divestment process will be smooth, so after signing on February 26, we have agreed that the divestment execution will be through a rights issue and also a secondary issue which will be carried out at the same time," she said.

PT Bukit Makmur Mandiri Utama, a subsidiary of PT Delta Dunia Makmur Tbk (IDX: DOID), is increasing its capital by investing in shares in PT. Bukit Makmur International (BUMA International) on June 13 2024."This capital increase was carried out through the issuance of 532,358 new shares worth IDR 532.35 billion by PT Bukit Makmur Mandiri Utama and is not a material transaction in accordance with OJK regulations in POJK 17/POJK.04/2020," said Indra Dammen Kanoena as Main Director PT Bukit Makmur Mandiri in a written statement, Friday (14/6).He added that this increase in capital has no impact on operational activities, law, financial condition or business continuity of PT Bukit Makmur Mandiri Utama."This increase in capital is also not an affiliate transaction in accordance with OJK regulations in POJK 17/POJK.04/2020," continued Indra.For information, BUMA Internasional is a subsidiary of PT Bukit Makmur Mandiri Utama with 99% share ownership.Meanwhile, PT Bukit Makmur Mandiri Utama is a subsidiary of PT Delta Dunia Makmur Tbk (IDX: DOID) with share ownership of 99.99%.

PT Freeport Indonesia (PTFI) revealed that the company is targeting an export volume of 900 thousand tons of copper concentrate and anode slime until December 31, 2024, even though the permit actually expired on May 31, 2024.The government itself has issued a regulation, one of which grants an extension of the raw mineral export permit until the end of 2024, including to PTFI. This is stipulated in the Minister of Energy and Mineral Resources (ESDM) Regulation Number 6 of 2024 concerning the Completion of the Construction of Domestic Metal Mineral Refining Facilities."The export target is around 900 thousand tons by December (2024)," said PTFI President Director Tony Wenas, when met after the MINDialogue CNBC Indonesia event, Thursday (20/6/2024).However, he mentioned that even though the regulation has been formalized by the government, the company has claimed not yet received the export permit extension."The regulation (is there), but the export permit is not yet. It is still in the finalization stage," he added.It should be noted that the government approved the extension of the export permit for copper concentrate and anode slime for PT Freeport Indonesia and other copper companies until December 31, 2024.This is stipulated in the latest regulation, namely the Minister of Energy and Mineral Resources (ESDM) Regulation Number 6 of 2024 concerning the Completion of the Construction of Domestic Metal Mineral Refining Facilities.Established by Minister of Energy and Mineral Resources Arifin Tasrif on May 29, 2024, this regulation became effective on June 1, 2024."Considering that the construction of domestic metal mineral refining facilities by mining business license holders and special mining business license holders at the production operation stage for copper, iron, lead, and zinc commodities, which have entered the commissioning stage, requires additional time to produce optimally and contribute to economic growth," reads the consideration point of Minister of Energy and Mineral Resources Regulation No. 6 of 2024, quoted on Friday (31/5/2024).As is known, based on the current export permit, PT Freeport Indonesia and other copper, iron, lead, or zinc companies, including PT Amman Mineral Nusa Tenggara Tbk (AMNT), were granted export permits only until May 31, 2024.With the issuance of Minister of Energy and Mineral Resources Regulation No. 6 of 2024, the government has granted an extension of the concentrate export permit until December 31, 2024.Nevertheless, companies must also pay export duties according to applicable regulations, and the processing and refining facility project must be at the commissioning stage by the end of May 31, 2024, as stated in Article 3 paragraph (2).The complete regulation is as follows:Article 2:(1) The scope of this Ministerial Regulation regulates the completion of the construction of domestic metal mineral refining facilities by holders of mining business permits at the production operation stage for copper, iron, lead, or zinc metal mineral commodities that have entered the commissioning stage.(2) In entering the commissioning stage as referred to in paragraph (1), holders of mining business permits at the production operation stage for copper, iron, lead, or zinc metal mineral commodities who previously received export recommendations based on Minister of Energy and Mineral Resources Regulation Number 7 of 2023 concerning the Continuation of the Construction of Domestic Metal Mineral Refining Facilities are given the opportunity to sell processed products abroad until December 31, 2024.Article 3:(1) Holders of mining business permits at the production operation stage for copper, iron, lead, or zinc metal mineral commodities who are building their own refining facilities or collaborating to build refining facilities and have entered the commissioning stage can sell processed products abroad in certain quantities using the Harmonized System (HS) codes according to applicable regulations until December 31, 2024.(2) The sale of processed products abroad by holders of mining business permits at the production operation stage for copper, iron, lead, or zinc metal mineral commodities as referred to in paragraph (1) is conducted under the following conditions:   a. have produced processed products;   b. the physical progress of the refining facility construction has entered the commissioning stage by May 31, 2024, at the latest;   c. pay export duties according to applicable regulations; and   d. meet the minimum processing limits according to applicable regulations.(3) Collaboration to build refining facilities as referred to in paragraph (1) includes direct share ownership in business entities holding processing and/or refining business permits.Article 4:(1) Holders of:   a. special mining business permits at the production operation stage for copper metal mineral commodities; or   b. processing and/or refining business permits issued by the minister responsible for industrial affairs who have produced by-products or residues from copper metal mineral refining in the form of anode slime, can sell anode slime abroad in certain quantities using the Harmonized System (HS) codes according to applicable regulations until December 31, 2024.(2) The sale of anode slime abroad as referred to in paragraph (1) is conducted under the following conditions:   a. building their own advanced refining facilities; or   b. collaborating to refine with holders of mining business permits at the production operation stage for metal minerals and/or holders of special mining business permits at the production operation stage for metal minerals.Article 5:(1) The sale of processed products abroad as referred to in Article 3 and the sale of anode slime abroad as referred to in Article 4 is carried out after obtaining export approval from the director general responsible for foreign trade according to applicable regulations.(2) Before obtaining export approval as referred to in paragraph (1), holders of mining business permits at the production operation stage for metal minerals or holders of special mining business permits at the production operation stage for metal minerals must obtain recommendations from the Director General on behalf of the Minister.(3) The recommendation referred to in paragraph (2) is given for a period until December 31, 2024.

Jakarta — Nickel Industries Limited showcased its sustainability commitments and ongoing initiatives at the Indonesia Miner Conference 2024, which was held simultaneously with the World Environment Day 2024 celebration on June 5. Muchtazar, the Head of Sustainability at Nickel Industries Limited, delivered a keynote address that not only emphasised the company’s commitment to sustainable nickel production but also set a new standard for the industry.Muchtazar began his address by highlighting the urgent need for industries in Indonesia to adopt sustainable practices in their operations. “As one of the leading nickel producers globally, we are committed to ensuring our operations are sustainable and future-fit,” he said. “We understand that our actions today will shape the world of tomorrow, and we strive to make positive impacts.”He went on to detail the various initiatives Nickel Industries Limited has implemented to reduce the environmental impact of nickel production. These initiatives include significant efforts in decarbonising the company’s operations and its target to achieve net zero in 2050. Additionally, he explained the actions that the company takes to protect the biodiversity value by developing an in-situ conservation zone with a total of 200 Ha.“Sustainable nickel production can be achieved by maintaining the balance between the needs of the present generation and the abilities of the future generations to fulfil their needs,” Muchtazar added. “We need to operate in a way that is economically profitable, environmentally responsible, and socially acceptable.”He further explained that Nickel Industries Limited’s commitment to sustainability extends beyond its production processes. The company is also actively involved in various community outreach initiatives, including the recently announced university scholarship program and local people empowerment. “We are dedicated to growing together with the local communities in our operational area,” Muchtazar said. “Through our social programs, we prepare the next generations of leaders and changemakers.”Muchtazar concluded his address by reiterating Nickel Industries Limited’s commitment to leading the way in sustainable nickel production. He assured stakeholders that the company is dedicated to continuous improvement in its performance and will continue to invest in innovative solutions, which so far has enabled the company to obtain Green PROPER ratings in the past two consecutive years and achieve more than 16 million working hours without lost-time injuries in 2023.“Nickel Industries will continue its journey to become one of the largest nickel producers globally,” Muchtazar said. “We are a company that cares about the planet and people. We are committed to making a difference, and we invite everyone to join us on this journey towards sustainable and responsible nickel production practices.” 

PT RMK Energy Tbk (RMKE) recorded a net profit of IDR 308.9 billion throughout 2023. In line with that, the company pocketed operating revenue of IDR 2.6 trillion, or slightly down by 6.6% year on year, achieving the company's adjusted target of 100%.On the other hand, profit was also affected by the negative impact of RMKE's operational closure over the past three months, which could be minimized by revenue growth from the services segment of 24.0% year on year to IDR 769.5 billion."However, the coal sales segment experienced a considerable impact because in addition to the normalization of coal prices, it was also affected by lower coal production due to bad weather in the first semester, as well as operational constraints faced by the company in the second semester," said RMKE President Director Vincent Saputra during a press conference at Wisma RMK Jakarta on Thursday (18/4/2024).Meanwhile, this condition resulted in operating income from the coal sales segment decreasing by 15.6% year-on-year to IDR 1.8 trillion. In total, operating income was not significantly affected because it was supported by operational performance that could be maintained and accelerated at the end of 2023.The company's barge load volume was 7.6 million metric tons of coal, a slight decrease of 3.2% and coal sales volume was 2.4 million metric tons of coal, a slight decrease of 5.4% compared to the same period last year.In addition, RMKE increased its equity by 23.1% year on year to IDR 1.5 trillion and managed its financial ratios well and following the credit terms set by its lenders, DER of 0.52 times.RMKE's financial debt increased by 133.8% year-on-year to IDR 507.8 billion to fund the company's working capital. Until the end of 2023, RMKE managed to maintain positive cash from operating activities of IDR 187.4 billion.Vincent said that the target to be achieved in 2023 is to maintain positive performance by minimizing the negative impact of operational constraints faced by RMKE in the second semester."Overall, RMKE is still performing very well despite the challenges of extreme weather, normalization of coal prices, and operational constraints," Vincent said."In 2024, the Management is more optimistic with the completion of operational constraints by fulfilling administrative sanctions to the regulator and RMKE is ready to focus on operational activities going forward," Vincent said. Image source:  IDX Channel / MNC MediaSource: https://www.idxchannel.com/market-news/rmk-energy-rmke-kantongi-laba-rp3089-miliar-di-2023  

PT Aneka Tambang Tbk (ANTM) will improve all core commodities production and sales performance this year. The company is optimistic that the trend of gold demand in Indonesia will increase again in 2024, followed by other commodities."ANTAM focuses on a customer-based development strategy in the country, especially in nickel ore and bauxite products. ANTAM also remains optimistic that the trend of gold demand in Indonesia will increase again in 2024 and will tend to stabilize for the next few years," said Nicolas D. Kanter, President Director of ANTM in ANTM's 2023 annual report, quoted on Thursday (18/04).He added that ANTAM is committed to keep developing strategic projects to support minerals downstream and focus on implementing a sustainable business.In ferronickel products, ANTAM targets production and sales volumes of 22,464 TNi each. The ferronickel production target grew 5% from the 2023 ferronickel production achievement of 21,473 TNi, while the ferronickel sales target grew 12% from the 2023 ferronickel sales achievement of 20,138 TNi."ANTAM has taken into account the utilization rate and operating stability of ANTAM's ferronickel plant in Kolaka, Southeast Sulawesi in setting ferronickel production and sales targets," he said.In 2024, ANTAM targets total nickel ore production used as raw material for ANTAM's ferronickel plant and sales to domestic customers of 20.58 million wmt, growing 53% from the 2023 nickel ore production of 13.45 million wmt.Nickel ore sales are targeted to reach 18.75 million wmt or grow 60% from the 2023 nickel ore sales of 11.71 million wmt in 2024.In the precious metals segment, ANTAM will continue to innovate precious metal products and sales services in 2024. ANTAM targets gold production in 2024 from the Pongkor gold mine to be 958 kg (30,800 troy oz).Meanwhile, gold sales in 2024 are targeted to reach 37,354 kg (1,200,959 troy oz), an increase of 43% from the 2023 gold sales achievement of 26,129 kg (840,067 troy oz). In addition, the production and sales target for silver metal is planned at 5,668 kg (182,230 troy oz).In the bauxite and alumina segment, along with the stipulation of the bauxite ore export ban that took effect in 2023, ANTAM will focus on developing bauxite ore sales in the domestic market.For the bauxite ore commodity, the company targets a production volume in 2024 of 3.47 million wmt per the level of bauxite demand for the Tayan Chemical Grade Alumina (CGA) plant and projected sales of bauxite ore to third-party customers.This production target grew by 72% compared to the 2023 bauxite production of 2.01 million wmt.Regarding bauxite ore sales, ANTAM targets a sales level of 3.05 million wmt, a significant increase of 103% compared to 2023 bauxite sales of 1.50 million wmt."Overall, the operational targets set by the company in 2024 are dynamic and open to adjusting to the level of market absorption and commodity prices in the domestic and global markets," Nicolas said. Image source: KONTAN / Doc. ANTAMSource: https://industri.kontan.co.id/news/aneka-tambang-antm-siap-genjot-produksi-pada-tahun-ini 

PT Harum Energy Tbk (HRUM) has entered into a strategic partnership to develop its nickel portfolio as part of its business diversification strategy. The company has signed a memorandum of understanding with a Chinese company, Eternal Tsingshan Group Limited (ET) as a strategic partner. The signing was carried out on April 5, 2024.Quoting the disclosure of information from the Indonesia Stock Exchange (IDX), most of HRUM's nickel business portfolio is under controlled companies, namely PT Harum Nickel Perkasa (HNP) and PT Tanito Harum Nickel (THN), which include majority ownership in PT Position, PT Infei Metal Industry, PT Westrong Metal Industry, PT Blue Sparking Energy, and minority ownership in PT Sunny Metal Industry.ET is a company incorporated in Hong Kong SAR and, through its affiliates, has invested extensively in Indonesia, primarily in nickel processing and refining activities (Mitra Group). The Mitra Group is also the operating partner of the company's smelter project and the manager of the Weda Bay Industrial Estate in North Maluku Province, where the projects are located.To realize the strategic partnership, the company's subsidiaries, HNP and THN, intend to initially issue mandatory convertible debentures (SUWK) which will be subscribed by the strategic partner either directly or through one or more companies to be determined later.The SUWK will be converted into new shares in HNP and THN representing an effective shareholding of up to 49% in the Company's Nickel Portfolio, whereby the terms including the principal amount, maturity date, and conversion period of the SUWK will be agreed upon by the parties, subject to applicable regulations.Following the conversion of the SUWK, the Company remains the effective majority shareholder in the Company's Nickel Portfolio.“The company and its subsidiaries will use the proceeds obtained from taking part in the SUWK to settle some of the obligations relating to some assets acquisition in the Company's Nickel Portfolio," wrote the company management on Thursday (18/4).Both parties will then prepare the documentation and all requirements to realize the strategic cooperation and the issuance of the SUWK following applicable regulations."The Company and Strategic Partner are targeting that the SUWK can be issued in the third quarter of 2024," he said.The strategic cooperation planned in the memorandum of understanding is expected to bring benefits and create various business opportunities for the company, including obtaining synergies from the combined experience and capabilities of the company and partner groups in the mining and processing of nickel products to maximize the efficiency and operational performance of the company's nickel portfolio going forward.More benefits for the company would be to ensure the sustainability of the management and operation of projects in the company's nickel portfolio through strategic cooperation between the company and the partner group.In addition, to improve the capital structure of the company's nickel portfolio through a decrease in the ratio of liabilities to equity after the SUWK conversion implementation. Then, forming an integrated nickel industry portfolio from upstream to downstream with diverse nickel products, to increase the Company's ability to raise funds to finance further business development.Furthermore, the benefits are to support technology transfer efforts in the nickel refining and processing industry, support knowledge transfer efforts in marketing activities, and access to the supply chain of the stainless steel and battery industry in the global market.The company believes that the signing of the memorandum of understanding has no material negative impact on the operational, legal, financial, or business continuity."There is no affiliation between ET and the company, HNP and THN. Apart from the memorandum of understanding signed by the company and ET, there are no other definitive documents signed in connection with the strategic cooperation, therefore there have been no transactions carried out by the Company or companies controlled by the company as a realization of strategic cooperation," he concluded.Image source: doc. Harum EnergySource: https://www.cnbcindonesia.com/market/20240418094043-17-531223/gandeng-raksasa-china-harum-energy--hrum--genjot-bisnis-nikel