Indonesia's Antam buys 30% stake in Tsingshan's smelter

JAKARTA : Indonesian state-controlled miner PT Aneka Tambang (Antam) has bought a 30 per cent stake worth $102 million in a smelter owned by a subsidiary of Chinese stainless steel giant Tsingshan Holding Group, the company said.

Antam, through its subsidiary nickel miner PT Gag Nikel, bought shares in PT Jiu Long Metal Industry, a smelter established in 2020, the company said in an exchange filing late on Monday.

Antam conducted the transaction to fulfill the government's requirements for miners to process their ore domestically, the filing said.

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