Reported 7 months ago
Indonesian nickel miner PT Ceria Nugraha Indotama is receiving backing from Glencore Plc to construct a battery metal plant ahead of its planned initial public offering next year. Glencore is in discussions to acquire a 10% stake in the company through a pre-IPO fundraising, will aid in financing the high-pressure acid leach plant, and has plans to sign an offtake agreement to purchase electric vehicle battery ingredients from the firm. The move signifies Glencore's increased involvement in the Indonesian nickel industry and its desire to access the global market.
Source: YAHOO