Indonesia TMI Nickel Refinery Project Signed, Bringing Together Global EV Supply Chain Partners

On July 21, 2026, the Indonesia TMI nickel refining project officially completed its multi-party equity cooperation signing ceremony. Located within the Indonesia Morowali Industrial Park (IMIP) in Central Sulawesi, the project brings together industry leaders from multiple countries along with major international new energy vehicle manufacturers in a landmark cross-border collaboration.

The TMI project — formally known as PT Teluk Metal Industry — is being developed as an expansion of the Excelsior nickel/cobalt project within the IMIP complex. It will utilise High-Pressure Acid Leaching (HPAL) technology to produce mixed hydroxide precipitate (MHP), a critical intermediate feedstock for electric vehicle batteries. Construction is already underway, with commissioning expected to begin in mid-2027. Once operational, the facility is expected to have an annual nameplate production capacity of approximately 38,640 tonnes of nickel in MHP form.

ASX-listed Nickel Industries has agreed to invest US$169 million for a 17.5% interest in the project, with the acquisition payment due on November 26, 2026. The investment is backed by a comprehensive construction guarantee that caps acquisition costs at US$169 million while providing certainty that TMI will achieve nameplate production capacity by September 2027. Nickel Industries joins a consortium of major Korean and Japanese industrial groups — including LS MnM and Hanwa — which collectively hold a 72.5% interest, with Singapore-based Sumber International Investment holding a further 10%.

Nickel Industries Managing Director Justin Werner described the investment as “a transformative step” and one of the last opportunities of this scale in the HPAL sector following the Indonesian government’s moratorium on new HPAL developments. “TMI is one of the most capital-efficient HPAL developments globally, and the HPAL economics are already proven within our portfolio,” Werner said. Critically, Nickel Industries’ Sampala project has been identified as the exclusive ore supplier to TMI, positioning the company as both a downstream processing investor and upstream supplier. The investment expands Nickel Industries’ exposure to the rapidly growing EV battery supply chain in Indonesia, the world’s largest nickel producer.