Altilium Metals is pleased to announce that it has signed a binding Heads of Agreement with PT Konstruktor to acquire 30% equity and marketing rights of all future production for its Nickel mine Sulawesi in Indonesia. With an option to purchase up to 70% subject to further exploration and resource estimation has been agreed.

The PT Konstruktor mine is a high grade 4,944 Ha Nickel Mine holding an IUP-Exploration Permit in Soyo Jaya, Morowali, Sulawesi Tengah, Indonesia.

This acquisition is part of Altilium Metal’s strategy to establish a strategic portfolio of Nickel and Manganese assets in Indonesia to support an integrated domestic electric vehicle (EV) supply chain. Nickel demand for batteries is growing rapidly and Indonesia holds the world’s largest nickel reserves.