Companies Merdeka Copper Gold Tbk PT FollowJAKARTA, March 30 (Reuters) - Indonesia's Merdeka Battery Materials plans to build two nickel processing plants to make products used in batteries for electric vehicles with a combined capacity of 240,000 tonnes, its chief executive said on Thursday.
"We are planning to build two HPAL plants with 120,000 tonnes capacity each," Devin said, adding China's stainless steel giant Tsingshan Holding Group will be a strategic partner to develop an industrial park to house the HPAL projects.
Development of the initial 60,000 tonnes capacity of the firs HPAL plant is underway, with $1.28 billion investment, and it is expected to start operations in 2025, he said.
The company is now in negotiation with a potential partner for the second HPAL plant.
Merdeka Battery would be the second nickel company to launch an IPO in Indonesia this year after PT Trimegah Bangun Persada, which is expected to raise $647 million through the shares sale.