Indonesian tycoon Haji Isam reportedly mulls buying stake in one of world's largest nickel mines
Tycoon Andi Syamsuddin Arsyad, also known as Haji Isam, is said to be considering acquiring a stake in PT Weda Bay Nickel, one of the world’s largest nickel mines located in Indonesia.
Indonesian billionaire Haji Isam is reportedly considering purchasing a stake in one of the world's largest nickel mines, PT Weda Bay Nickel, according to Bloomberg. The billionaire is evaluating whether to acquire all or part of Eramet's 38.7% stake in the company, with valuations ranging from several hundred million to up to $4 billion for the entire mine.
No final decisions have been made yet, but the investment is being pursued alongside interest from Indonesia's sovereign wealth fund, Danantara. Eramet, the French mining company, has indicated it is seeking buyers for stakes in its lithium and nickel assets as it seeks to boost adjusted free cash flow this year. Shares of Eramet surged nearly 10% on Wednesday, marking its biggest single-day gain since June, but the company's market capitalization is still down 33% for the year to €1.1 billion.
Haji Isam, a prominent figure in Indonesian business, owns interests in various industries, including coal, palm oil, nickel, and cryptocurrency, and manages several significant government projects. Recently, he acquired a stake in PT Bayan Resources, one of Indonesia's largest coal producers, from its founder.
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