Business and Investment
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Volkswagen expressed interest in making investment in nickel ore processing in Indonesia
German car manufacturer Volkswagen expressed its interest and commitment to becoming a part of the electric vehicle battery supply chain by making investment in nickel ore processing industry through one of its member of group of companies Volkswagen PowerCo.
MIND ID continues acquisition of Vale Indonesia's shares
Indonesian mining industry holding MIND ID is ready to acquire shares in PT Vale Indonesia Tbk (INCO) and tap into the company's enormous potential in nickel reserves.
Government plans to implement nickel indices for domestic transaction
The Indonesian government is currently considering the establishment of indices for domestically processed nickel, similar to the benchmark coal price (HBA). The Indonesian Nickel Prices Index will become an instrument for buying and selling nickel in the domestic market, as Coordinating Minister for Maritime and Investment Luhut Binsar Pandjaitan said on Monday, May 8, 2023.
TSE Group commits to zero emissions to combat climate crisis using SBTi method
Plantation company Tunas Sawa Erma Group or TSE Group is starting to focus on committing to zero emission contributions until 2050 following the recent rapid increase of global temperature. The company is reported to use the SBTi method to achieve its target.
Merdeka battery to acquire stake in China-owned nickel-processing facility for US$75 million
PT Merdeka Battery Materials, a nickel unit of mining company Merdeka Copper Gold, has entered a conditional agreement to acquire 60 percent shares in PT Huaneng Metal Industry (HNMI), a nickel-processing facility in Indonesia Morowali Industrial Park (IMIP), Sulawesi.
New Balance expands production with IDR 1 trillion investment in West Java
American sportswear giant New Balance announced on Monday, May 8, 2023, the plan to expand its Indonesian operations by sourcing products to a seventh factory located in Cirebon, West Java. The new factory is expected to begin construction in August with the investment valued at more than IDR 1 trillion (US$67.9 million).
Vale Indonesia allocates US$ 580 milion for smelter projects in Pomalaa and Bahodopi
One of the largest nickel smelter company in Indonesia, PT Vale Indonesia Tbk (INCO) allocates US$ 580 million (IDR 8.43 trillion) in capital expenditure (Capex), which will be used for the development of smelters in Pomalaa and Bahodopi. The company hoped to increase both smelter's production capacity.
PLN, Total Eren, Adaro Power to develop wind power plant in South Kalimantan
PT Perusahaan Listrik Negara (PLN) is collaborating with Total Eren S.A., PT Adaro Power, and PT Pembangkitan Jawa Bali Investasi (PJBI) to develop a 70-megawatt wind power plant (PLTB) in Tanah Laut, South Kalimantan.
Indonesia cuts tax incentives to limit investment in lower quality nickel products
Indonesia has reduced tax incentives to restrict investment in lower-quality nickel products, including nickel pig iron (NPI) and second-class nickel ore processing products. The government has made the decision to make the most of its abundant nickel reserves and to encourage more high-value investments in the downstream.
Indonesia revokes tax holiday incentives for new nickel smelter to promote hydrometallurgical investment
The government has started to revoke the tax holiday for new Rotary Kiln-Electric Furnace (RKEF) nickel smelters under the consideration that high grade nickel ore processing plants are sufficient and do not need to get tax holiday facilities.
Indonesia's investment realization of IDR 328.9 trillion gives boost to economic growth and creating jobs
The Investment Coordinating Board (BKPM) noted that investment realization in Q1 of 2023 increased by 16.5% compared to the same period in 2022. Currently, the total investment made has reached IDR 328.9 trillion (US$ 22.4 billion) and created jobs for 384,892 workers.
PT Wijaya Karya (Persero) Tbk reported loss in Q1 2023 despite net income growth
One of the largest state-owned construction companies, PT Wijaya Karya (Persero) Tbk (WIKA) recorded a IDR 526.52 billion loss in Q1 2023. Ironically, the company also booked a net income of IDR 4.34 trillion. The company claimed that its losses was caused by the increasing burden of income.