Haji Isam reportedly weighs bid for Eramet’s stake in Weda Bay Nickel

Detailed summary

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.

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below. Just click on the icons to get to the download page.

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.

oal 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 has reported, in a move that would mark the billionaire’s second major deal this year.

Haji Isam may seek to buy part or all of Eramet’s 38.7 percent interest in PT Weda Bay Nickel, people familiar with the matter said, as reported by Bloomberg. Eramet may seek a valuation of as much as US$4 billion for the entire mine, one person said, while other sources gave a more conservative estimate.

Other suitors for the holding include state fund Danantara, people familiar with the matter said previously, according to Bloomberg.

The government has this year cut mining quotas, stepped up environmental controls and adjusted ore pricing to rein in its runaway nickel sector.

A commitment to slash mining quotas from last year's 379 million tonnes to between 250 million and 260 million tonnes propelled the London Metal Exchange nickel price to a May high of $20,000 per tonne.

With exclusive interviews and in-depth coverage of the region's most pressing business issues, "Prospects" is the go-to source for staying ahead of the curve in Indonesia's rapidly evolving business landscape.

Share your experiences, suggestions, and any issues you've encountered on The Jakarta Post. We're here to listen.

Opening of the article, excerpted from The Jakarta Post. To read the rest, open the article on the publisher's site.