JAKARTA. PT Trinitan Metals and Minerals Tbk (PURE) plans to launch an IPO in Canada for its subsidiary PT Hydrotech Metal Indonesia (HMI).
According to PURE CEO Petrus Tjandra, the company chose Canada for HMI to go public in due to its status as a primary exchange for mining stocks in addition to Australia. "However, the Australian market is currently under pressure and Canada is the most attractive and best market for mining and metals," he said in a stock exchange filing.
Mr Tjandra said he hopes HMI's IPO can take place after its STAL technology gets certified. The technology is able to process low-grade nickels with content below 1.7% to 99.96% nickels and produce sulfate nickels for batteries.
If the technology gets certified by the end of the year, the company expects HMI to launch its IPO in Canada by early or mid-2021. "However, it all depends on the overall condition," said Mr Tjandra. (AM/MS)