Chinese firm becomes major shareholder in Indonesian nickel mining company

Chinese battery and material recycler Ganfeng Lithium (GEM), through its subsidiary GEM Hong Kong International Co. ltd. has purchased more than 1 million new shares in Bahodopi Nickel Smelting Indonesia (BNSI), valued at about 1 trillion rupiahs ($60 million), making it a large The company has become a major shareholder of the enterprise.While PT Vale Indonesia shares are reduced, previously BNSI was controlled by PT Vale Indonesia. Upon completion of the transaction, the financial statements of BNSI will no longer be consolidated into the financial statements of Vale Indonesia, but the Director of the Office of the Chief Executive Officer and Company Secretary of Vale Indonesia has stated that the transaction will not affect the company's operations, legal affairs, financial position or business continuity.2022 Vale Indonesia established a BNSI Joint Venture with Taiyuan Iron & Steel Group and Shandong Xinhai Science and Technology Company Limited of China to develop and operate the Morowali Indonesia Growth Project. Technology Ltd. to form the BNSI Joint Venture to develop and operate the Morowali Indonesia Growth Project.