The Investment Management Agency Daya Anagata Nusantara, or Danantara, and Eramet SA are reportedly looking to acquire shares in a nickel smelter owned by China’s Zhejiang Huayou Cobalt Co. Ltd. According to Bloomberg on Monday (May 5, 2025), Danantara and the French company aim to acquire shares in Huayou’s high pressure acid leach (HPAL) smelter located in the Weda Bay Industrial Park (IWIP) in North Maluku. This investment plan is even said to potentially become Danantara’s first major transaction.

Bloomberg sources stated that stakeholders hope to sign a memorandum of understanding (MoU) by the end of this month. However, they emphasized that discussions are still ongoing and plans may change. Danantara is reportedly planning to invest through the state-owned mining holding company MIND ID.