JAKARTA (TheInsiderStories) – Coal miner owned by Indonesian tycoon Kiki Barki, PT Harum Energy Tbk (IDX: HRUM), again purchased 39.09 million shares of an Australian mining company, Nickel Mines Ltd., the issuer announced today. Earlier the company has bought 3.22 percent the minerals producer for A$34.26 million (US$23.47 million) as part of the business diversification.
President Director of the company, Ray Antonio Gunara, said for the new deal, the miner spent A$36.74 million. After the transaction, Harum owned 4.88 percent of all issued capital of Nickel Mines.
“We think that Nickel Mines is a very prospective investment so we will consider increasing our share ownership,” he asserted.
Recently, the Australian firm has raises its ownerships in Indonesian Hengjaya Nickel and the Ranger Nickel projects from 60 to 80 percent for A$231 million. The management said, these decisions have been made in consultation with its partner, China’ Shanghai Decent Investment Group Co. Ltd., and associates, which currently holds the other 40 percent interests in the both projects.
In addition, the miner also will increase its current holding of Hengjaya Holdings Pte. Ltd, the Singaporean domiciled holding company that wholly owns PT Hengjaya Nickel Industry and an Indonesian company that owns 100 percent of of the unit. Upon completion of the transactions, its nickel production will increase from 26,000 tones per annum to 35,000 tones per year.
Nickel Mines’ unit in Indonesia restarting the operations on October 2015 and has signed an off-taker agreement with Tsingshan Holding to supply of high grade saprolite ore. The China’ largest stainless steel producer was one of the few groups committed to establish a local processing in a world class industrial zones, PT Indonesia Morowali Industrial Park.
As Tsingshan began to build the NPI and stainless steel capacity around the zones, there became a growing requirement for nickel as feedstock to their plant. In September 2017, Nickel Mines executed a collaboration and subscription agreement with Tsingshan.
With the strategic partnership, collaboration funding and construction of two lines in Hengjaya, its expecting the mines to produce 150 kilo tones per annum of NPI, containing 15 kilo tones of nickel metal equivalent. In April 2019, Nickel Mines announced its intention to move to a 60 percent interest in the Ranger Nickel project. And, in August 2019 Nickel Mines completed its acquisition of the additional 43 percent interest in Ranger Nickel, taking its interest to 60 percent.
While, Harum Energy was originally established as PT Asia Antrasit. Its business activities is mainly engaged in mining, industry, trading and services industries. Currently, the main business activities of the company are operating and investing in coal mining and logistics through its subsidiaries.
The company’ mining activities operated through its four subsidiaries, namely PT Mahakam Sumber Jaya, PT Samtan Batubara, PT Tambang Batubara Harum, and PT Karya Usaha Pertiwi. The miner also owns PT Layar Lintas Jaya, a coal barging and transshipment company and runs investment activity though its subsidiary, Harum Energy Capital Ltd., and by end of 2015 owns 5.39 percent shares of Australian-based Cockatoo Coal Limited.
On Oct. 6, 2010, Harum Energy conducted an initial public offering of its share. By capitalizing on its excellent capabilities, the Company has successfully marketed its coal to various customers in domestic and international markets in Asia such as Japan, South Korea, Taiwan, China, and India.
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