On June 26, 2026, Australian listed company Nickel Industries Limited announced an investment of $169 million to acquire a 17.5% equity stake in PT Teluk Metal Industry (TMI), an ongoing High-Pressure Acid Leaching (HPAL) nickel project located in the Morowali Industrial Park (IMIP), Central Sulawesi, Indonesia.
The project is part of the Excelsior Nickel Cobalt (ENC) project, with a design annual capacity of 38,640 tonnes of nickel metal equivalent Mixed Hydroxide Precipitate (MHP), expected to commence production in September 2027.
Upon completion of the transaction, Nickel Industries will obtain an annual capacity share of approximately 6,775 tonnes of nickel through this investment. The total project investment is approximately $965 million, held by a Korean-Japanese consortium with 72.5% and a Singapore company with 10%. This investment strengthens Indonesia's status as a key supplier of global electric vehicle battery materials and marks a continued rise in its attractiveness in the global new energy metal sector.