[SMM Nickel Flash]Nickel Industries: Acquisition of 17.5% Stake in PT TMI Project, MHP Commence Production in Mid-2027

Published: Jun 24, 2026 09:21

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[Nickel Industries: Acquisition of 17.5% Stake in PT TMI Project, MHP to Commence Production in Mid-2027] On June 24, 2026, Nickel Industries announced that it had agreed to invest $169 million to acquire a 17.5% stake in the PT Teluk Metal Industry HPAL project (TMI). The TMI project is located within the Indonesia Morowali Industrial Park (IMIP) and is being developed as an expansion of the ENC project at the same site, producing mixed hydroxide precipitate (MHP) for the EV battery supply chain. Nickel Industries holds a 17.5% stake in the project, a Korean-Japanese consortium (comprising LS MnM, Hanwa, and an undisclosed strategic investor) holds a 72.5% stake, and another Singapore-based investment company, Sumber International Investment, holds a 10% stake. TMI is currently under construction and is expected to commence production in mid-2027. TMI has an annual nominal capacity of 38,640 mt Ni, providing Nickel Industries with attributable production of approximately 6,775 mt Ni per year (in the form of MHP).

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