Haji Isam reportedly weighs bid for Eramet’s stake in Weda Bay Nickel
Coal tycoon Andi Syamsuddin Arsyad, better known as Haji Isam, is considering acquiring Eramet SA’s stake in one of the world’s largest nickel mines, Bloomberg reported, in a move that would mark the billionaire’s second major deal this year.
Coal magnate Haji Isam, often referred to as Andi Syamsuddin Arsyad, is reportedly contemplating a potential acquisition of Eramet SA's stake in one of the world's largest nickel mines, according to Bloomberg. This would be the second significant deal for the billionaire this year. Sources close to the matter indicated to Bloomberg that Haji Isam might be eyeing to purchase either the entirety or a portion of Eramet's 38.7 percent share in PT Weda Bay Nickel.
Eramet might be seeking a valuation of up to US$4 billion for the entire mine, although other estimates suggest a more conservative figure. Other potential buyers include state fund Danantara, according to earlier reports from Bloomberg. Eramet's Paris-based representative declined to comment on the matter. The Indonesian government has recently imposed stricter mining quotas, enhanced environmental regulations, and revised ore pricing in an effort to curb its burgeoning nickel industry.
These measures have led to a sharp increase in nickel prices, reaching a May high of $20,000 per tonne, following a government decision to reduce mining quotas from 379 million tonnes last year to between 250 million and 260 million tonnes. Despite a recent decline to $16,322 per tonne, the nickel price remains high.
Written by urgent.news from The Jakarta Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
