LX International announced on Jan. 16 that it has acquired 60% ownership of the AKP mine in Indonesia for 133 billion won (US$98.9 million), securing management rights.
The acquisition was completed through LX International’s Indonesian subsidiary PT.EBI, which paid the full price for the AKP mine stake on the same day.
Previously, in November last year, LX International’s board of directors resolved to acquire the AKP mine. On Jan. 5, the company invested 135.4 billion won in PT.EBI, a subsidiary established to acquire the AKP mine stake.
Located near the Morowali Industrial Park on Sulawesi Island, Indonesia, the AKP mine is a nickel mine spanning about 2,000 hectares, seven times the size of Yeouido Island in Seoul, which is only about 290 hectares. The mine, surrounded by nickel smelting complexes, boasts an excellent location and has infrastructure like mining roads, low mines, and ports.
The mine holds 51.4 million tons of nickel ore resources, with 36 million tons verified as extractable. This amount can produce batteries for approximately 7 million electric vehicles. LX International has the rights to acquire the entire production volume.