INCO - Ford Injected capital to Kolaka Nickel Indonesia

INCO - Ford Injected capital to Kolaka Nickel Indonesia Following Huaqi's earlier IDR764 bn investment in Mar'23, Ford injected IDR88.7 bn of capital to Kolaka Nickel Indonesia (INCO's HPAL project). This strategic investment reshapes KNI's ownership landscape, with Huaqi (Singapore) holding 73.2%, Vale Indonesia (INCO) at 18.3%, and Ford grabbing a significant 8.5% stake. (Source: Company) Comment: We see this move as a positive outlook for KNI, potentially positioning Ford as a major offtaker for the project's nickel output. Ford's commitment through this investment enhances confidence in the project's future success.