March 17 - Indonesian nickel company TBP said it plans to use part of the proceeds from its initial public offering (IPO) in April to expand its nickel processing business.
The company, together with partners, currently operates a high pressure acid leaching (HPAL) plant on the eastern Indonesian island of Obi with a capacity of 96,000 tonnes of mixed hydroxide precipite (MHP), 160,000 tonnes of nickel sulfate and 20,000 tonnes of cobalt sulfate.
Its subsidiary operates a nickel-iron smelter with a total capacity of more than 1 million tons per day.
RoyArman Arfandy, chief executive officer of TBP, said TBP plans to invest in 12 additional production lines to produce ferro nickel and three more lines to produce MHP.
"[TBP] is strategically positioned to benefit from the electric vehicle industry's growing demand for batteries in response to the Energy Transition initiative. This will increase demand for nickel ore and MHP."
The company also has a long-term plan to build a stainless steel plant by 2025, he said.
Indonesia has banned nickel ore exports since 2020, which has spurred investment in metal-processing facilities.
