PT Aneka Tambang Tbk. (ANTAM) announced that its high-pressure acid leach (HPAL) hydrometallurgical nickel smelter project in Buli, East Halmahera, has entered the final investment decision (FID) stage.
The project is being developed with the Ningbo Contemporary Brunp Lygend (CBL) consortium, in which ANTAM holds a 30% stake in the joint venture between CATL, Brunp and Lygend. The facility is designed to produce approximately 55,000–60,000 tonnes of mixed hydroxide precipitate (MHP) per year, supplying feedstock for the EV battery ecosystem. Estimated investment is US $1.9 billion.
ANTAM is also developing a rotary kiln electric furnace (RKEF) nickel smelter in Buli with a 40% stake. The project includes eight RKEF lines and an industrial park with a capacity of around 88,000 tonnes of nickel pig iron (NPI) per year, with estimated investment of US $1.4 billion and development through 2027. It is currently in the pre-IPC and pre-financing stage.
Management said investments will be carried out in stages, with project evaluations based on IRR, NPV, cash flow and value creation, while also considering macroeconomic conditions, commodity prices, raw material and operating costs, regulations, and supply-demand dynamics. The company aims to monetize low-grade limonite ore into higher value-added products and open new growth channels through an integrated EV battery ecosystem.
