MBMA HPAL Mixed Hydroxide Precipitate (MHP) for EV Batteries

PT Merdeka Battery Materials Tbk (MBMA) is an Indonesian company headquartered in Jakarta that aims to be a global supplier of battery raw materials, vertically integrating nickel mining and processing in Sulawesi. It is majority-owned by PT Merdeka Copper Gold Tbk and listed on the Indonesia Stock Exchange since April 2023, with several assets co-owned with Tsingshan Group.

Its battery materials route processes limonite nickel ore from the SCM mine through high pressure acid leach (HPAL) plants, which use autoclaves to extract nickel and cobalt from laterite ore into mixed hydroxide precipitate (MHP), a precursor for EV battery cathodes. Projects include a GEM-built plant at the Indonesia Morowali Industrial Park with 30,000 t Ni per year nameplate, the PT Meiming HPAL with 25,000 t Ni per year and a planned 60,000 t Ni per year project with CATL affiliate Ningbo Brunp. Buyers are battery precursor and cathode makers.

• HPAL processing: autoclave leaching of limonite laterite ore to recover nickel and cobalt.
• MHP product: mixed hydroxide precipitate used as a precursor for EV battery cathodes.
• Own ore supply: limonite feed from the SCM mine with a 21,100 hectare concession.
• GEM plant at IMIP: 30,000 t Ni per year nameplate built in two phases.
• PT Meiming HPAL: 25,000 t Ni per year installed capacity with GEM co-investment.
• IKIP estate: about 3,500 hectare battery materials industrial park within the SCM concession.

Battery precursor and cathode producers planning plants in Vietnam could negotiate MHP offtake from Indonesia as a nearby nickel source. EV and battery groups could explore equity or joint-venture participation in HPAL projects to secure long-term nickel and cobalt supply.

Buyers gain access to MHP from a vertically integrated chain that links its own SCM nickel resource of about 13.8 million tonnes of nickel and 1.0 million tonnes of cobalt to HPAL processing in Sulawesi. Projects are built with experienced partners such as GEM and CATL affiliate Brunp, with combined planned HPAL capacity of 240,000 t Ni per year at IKIP, supporting long-term supply contracts.

Indonesia holds the world's largest nickel reserves and has become the main source of HPAL-based nickel intermediates for battery cathodes. Battery and cathode makers across Asia, including projects linked to Vietnam's EV and battery industry, are securing MHP supply from Sulawesi to support nickel-rich chemistries.

MBMA is headquartered in Treasury Tower, SCBD, Jakarta, and is majority-owned by PT Merdeka Copper Gold Tbk through PT Merdeka Energi Nusantara. It completed several acquisitions in 2022 and listed on the Indonesia Stock Exchange on 18 April 2023. Tsingshan Group co-owns the SCM mine, RKEF smelters and IKIP estate; HPAL partners include GEM and Ningbo Brunp, a CATL affiliate.