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Indonesian state-controlled miner PT Aneka
Tambang (Antam) has acquired a 30% stake worth $102 million in a smelter owned
by a subsidiary of Chinese stainless steel giant Tsingshan Holding Group, the
company said in an exchange filing.
Antam – through its
subsidiary nickel miner PT Gag Nikel – bought shares in
PT Jiu Long Metal Industry, a metal company established in 2020 and controlled
by Eternal Tsingshan Group Ltd, the Indonesian company said late on Monday.
The smelter is located in Weda Bay
industrial park, according to data from the North Maluku government.
Antam’s transaction
chimed with the government’s requirements for miners to
process their ore domestically, the exchange filing showed.
In a series of transactions related to the
stake deal, PT Gag Nikel will also supply ore to a unit of Tsingshan and extend
loan to Jiu Long, the filing said.
Eternal Tsingshan did not immediately
respond to a request for comment.