FLASH: Indonesian coal tycoon Haji Isam weighs bid for Eramet's 38.7% stake in Weda Bay Nickel, valuation may reach $4 Billion

On November 12, 2026,  Indonesian coal tycoon Haji Isam (Andi Syamsuddin Arsyad) is considering acquiring part or all of Eramet SA's 38.7% stake in PT Weda Bay Nickel (WBN). Eramet may value the entire mine at up to US$4 billion, and Indonesia's sovereign wealth fund Danantara is also interested. Talks are ongoing with no final decision made. If completed, this would be Haji Isam's second major deal this year, following his September agreement to acquire shares in PT Bayan Resources. The nickel price has fallen about 3% year-to-date due to persistent oversupply, outweighing concerns over potential Indonesian production restrictions. Eramet, facing debt pressure, has been pursuing asset sales, and the French government announced last month it would become the company's largest shareholder. WBN, once the world's largest nickel mine with 42 million tonnes of ore output, was forced to halt operations earlier this year after the government cut its production quota, which was later restored through a mid-year policy revision. Other shareholders include Tsingshan Holding Group (51.3%) and PT Antam (10%). Eramet's shares have fallen 37% this year, with a market value of €1 billion (US$1.2 billion).