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China's CNGR to spend $500m on Indonesian nickel assets
China's CNGR plans to buy Indonesian nickel assets for $500 million to control ANHI and DDL.
In brief
China's CNGR plans to buy Indonesian nickel assets for $500 million to control ANHI and DDL. China's CNGR will spend over $500 million to acquire stakes in Indonesian nickel mining companies ANHI and DDL. Originally reported by BigGo Finance.
CNGR announces nickel asset acquisitions
China's CNGR Advanced Material disclosed a package of transactions on Oct. 22.
CNGR acquires 53.3% stake in HML
CNGR Hong Kong Zhengxing plans to pay about $108 million for a 53.3% stake in Hanking (Indonesia) Mining Limited.
EEP subscribes for ANHI shares
Another subsidiary EEP plans to subscribe for up to $418 million of newly issued shares in PT Abadi Nusantara HijauInvestama Tbk.
ANHI acquires DDL for $324 million
ANHI will acquire 100% of Denway Development Limited from HML for $324 million.
Total transaction value
The three arrangements total about $526 million, including $324 million for DDL acquisition.
CNGR targets 50% of ANHI and DDL
CNGR aims to hold no less than 50% of ANHI (and DDL) after completion.
The big picture
China's CNGR will spend over $500 million to acquire stakes in Indonesian nickel mining companies ANHI and DDL.
