JAKARTA. PT Tanito Harum Nickel, a subsidiary of PT Harum Energy Tbk (HRUM), recently acquired 51% stake in PT Position, owned by Aquila Nickel Pte. Ltd.
Ray A. Gunara, President Director of HRUM, said that 51% of Position's shares were acquired for US$ 80.33 million. "The purpose of the transaction conducted by the company is to develop and expand business activities in the mining sector," said Gunara.
According to Idnfinancials.com data, Position is a company that holds a nickel mining business license. Meanwhile Aquila is one of the investment portfolios of Solway Investment, an investment company from Switzerland. One of the projects undertaken by Aquila in Indonesia is a mine in Halmahera. This mine is estimated to have a supply of 120 million tonnes of dry saprolite ore, with an average nickel content of 1.58% and 80 million tonnes of dry limonite ore with a nickel content of 1.15% and 0.15% cobalt.
The acquisition of Position from Aquila adds to the line of acquisitions that HRUM has made in the past year. In mid-2020, HRUM acquired an Australian nickel mining company, Nickel Mines Ltd. HRUM management admits that these acquisition steps are the company's business strategy in diversifying its non-coal business. (KR/LM)