Jakarta, June 9th, 2023 – Today PT United Tractors Tbk (“the Company”) through its wholly owned subsidiary PT Danusa Tambang Nusantara, announced it has signed a Share Subscription Agreement (“SSA”) to subscribe for a 19.99% shareholding in Nickel Industries Limited (“NIC”) listed on the Australian Securities Exchange Ltd (“ASX”) (the “Transaction”). Under the SSA, NIC will issue a total of 857 million new ordinary shares to the Company at a price of A$1.10 per share for the Company’s total investment of A$943 million.  

Completion of the Transaction is conditional on satisfaction of certain conditions, including approval by NIC shareholders under the ASX Listing Rules.

NIC is a leading integrated nickel mining and processing company with its key assets located either within or in close proximity to the Indonesia Morowali Industrial Park (“IMIP”), Sulawesi and the Indonesia Weda Bay Industrial Park (“IWIP”), Halmahera. It has an 80% stake in PT Hengjaya Mineralindo (nickel mine) which is one of the largest suppliers of limonite and high-grade saprolite ore to the IMIP. NIC owns and operates majority stakes in twelve Rotary Kiln Electric Furnace (“RKEF”) lines. NIC is also expanding its battery nickel strategy through conversions of existing RKEF lines to produce class 1 nickel matte, as well as agreements to construct High-Pressure Acid Leach (“HPAL”) processing facilities, in order to supply the increasing demands of the electric vehicle battery market.

President Director of the Company, Frans Kesuma remarked, “The acquisition of a strategic minority stake in Nickel Industries is another important step in the diversification of our business. It will build our integrated nickel strategy and our broader Group’s continued expansion in the electric vehicle supply chain.”

PT Danusa Tambang Nusantara has also entered into a non-binding  agreement with the intention of participating in a direct investment into the construction of NIC’s upcoming HPAL processing facilities (“Collaboration Agreement’). The investment, if undertaken, will provide the Company with further opportunities to expand its portfolio into the production of nickel products that are critical to the development of batteries and electric vehicles. The decision of PT Danusa Tambang Nusantara to undertake the investment is subject to certain conditions precedent and completion of satisfactory due diligence by the Company.

Overall, this investment is in line with one of  the Company’s Sustainability Aspirations, that is to develop and achieve a resilient and sustainable business portfolio, especially in the non-coal related sector.

Completion of the Transaction is not conditional on PT Danusa Tambang Nusantara participating in the investment under the Collaboration Agreement.

For further information, please contact the following:



Corporate Secretary

: Sara K. Loebis


: ir@unitedtractors.com


: Jl. Raya Bekasi Km.22 Cakung, Jakarta Timur 13910


: (62-21) 24579999, Fax: (62-21) 4600655