Glencore to Back Indonesian Nickel Miner Before IPO
- World’s top commodities trader to help fund acid leach plant
- Ceria Nugraha owns No. 5 mine for the EV metal in Indonesia
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Indonesian nickel miner PT Ceria Nugraha Indotama is set to get backing from Glencore Plc to build a battery metal plant ahead of an initial public offering planned for next year.
Glencore is in talks to take a 10% stake in the company through a pre-IPO fund-raise, and will assist in financing its high pressure acid leach plant, Ceria Nugraha Chief Executive Officer Derian Sakmiwata said in an interview on Wednesday. The world’s biggest commodities trader will also take a direct stake in the plant and sign an offtake agreement to buy electric vehicle battery ingredients from the Indonesian firm, he said.