Singapore Company Enters Vale Smelter Project In Pomalaa Kolaka

JAKARTA - PT Vale Indonesia Tbk (INCO) has a new investor from Singapore for a smelter project in the Pomalaa Block, Kolaka, Southeast Sulawesi which is held by PT Kolaka Nickel Indonesia (KNI).

The Singaporean company is Huaqi Pte. Ltd with capital participation in the KNI. Huaqi has taken full part in the issuance of 764 thousand new shares in the KNI.

Quoting information disclosure, Monday, March 13, the nominal issued by Huaqi amounted to Rp764 billion to carry out capital participation in the KNI.

Meanwhile, Vale Indonesia's composition is 191,000 shares. The amount reached Rp191 billion.

The Pomalaa Block project has been designated as a National Strategic Project using Huayou's High-Pressure Acid Leach (HPAL) technology to generate up to 120,000 tons of nickel per year.

The Pomalaa HPAL block is targeted to produce a product called Mixed Hydroxide Precipitate (MHP), which can be further processed into suitable material for electric vehicle (EV) batteries.

The Pomalaa HPAL block and its products are expected to continue to realize PT Vale's commitment to contribute to global and Indonesian electrification and decarbonization initiatives.

Previously, PT Vale Indonesia Tbk (INCO) together with Zhejiang Huayou Cobalt Co., Ltd (Huayou) on Sunday, November 27, 2022 carried out the groundbreaking as a sign of the start of the development of the Pomalaa Block project in Kolaka Regency, Southeast Sulawesi. This project will operate under the auspices of PT Kolaka Nickel Indonesia (KNI). The total investment package for HPAL and mining factories is estimated at IDR 67.5 trillion and will involve around 12,000 jobs for construction.