Korean Company Eyeing Nickel Mining

LX International Corp, a subsidiary of South Korea's LX Group, will acquire a 60 percent stake in the nickel mining company PT Adhi Kartiko Pratama (AKP) for US$101.3 million. "PT AKP's mining operations have excellent infrastructure, including haul roads, pits, and a port. Its location is also favourable, as the mine is near the nickel industrial complex on the island," an official from LX International said on Nov 7.

According to the official, AKP's Sulawesi mine produces 36 million tons of nickel, which can be used for 7 million electric vehicles. The acquisition is targeted to be completed by 2024. The annual nickel production capacity is expected to increase from the current 1.5 million tons to 3.7 million tons by 2028. LX plans to reinvest the profits from traditional businesses like coal and crude palm oil into future endeavours such as electric vehicle battery materials.