ANTM - Updates on WBN operation and Haltim FeNi project's commissioning

ANTM - Updates on WBN operation and Haltim FeNi project's commissioning ANTM confirms that Weda Bay Nickel (WBN) operation is safe from force majeur - flood and erosion. Concurrently, the flood has receded. WBN is ANTM's smelter project through consortioum of 10% stake with pyrometallurgy and it is planned to add to 40% stake. At the same time, ANTM is focusing on first metal tapping of Ferronickel Haltim Project (13.5k ton FeNi capacities) in Sept 12th, 2023 as commissioning strings after switch-on electric smelting furnace, targetted to be complete on 3Q23. That being said, ANTM will initiate its commercial operation immediately. For additional information, ANTM's strategic partner for EV battery project, CNGR Advanced Material Co, is considering to bring its subsidiary to conduct IPO, targetting to obtain IDR4.6 - IDR7.7 tn. (Source: Investor daily) Comments: On regards to WBN force majeur that has neutral impact to the operation, we view that it is a good news as WBN is one of the largest share profit contributors to ANTM despite its 10% stake. While Haltim FeNi project's commissioning update should deliver positive catalyst, likely to ramp up its whole FeNi installed capacity to 40.5k ton (coupled with Kolaka FeNi of 27k ton installed capacity). It should increase its top line as well as production. However, it is supposed to take time to run in full capacity, estimated by next year to be fully operated.