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Indonesia nickel miner TBP aims for nearly $1bn in local IPO

Unit of resources conglomerate Harita Group plans April stock exchange listing

Indonesian nickel miner and processor Trimegah Bangun Persada aims to raise nearly $1bn in an IPO amid demand for the metal in EV batteries. Roy Arman Arfandy, the company's president director, stands second from left. (Photo by Ismi Damayant)

JAKARTA -- Indonesian nickel company Trimegah Bangun Persada, a unit of the Harita Group natural resources conglomerate, is seeking to raise up to 15.12 trillion rupiah ($983 million) in an initial public offering next month, the company said on Friday, as it aims to expand capacity and further develop Indonesia's vast potential in the metal.

"We will use funds from this [initial public] offering to complete the construction of our business development," Roy Arman Arfandy, president director of the company, said at a news conference. He also said the company would quadruple nickel production in 2023 from 2022 levels.

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