Merdeka Battery Materials

What Merdeka Battery Materials does

PT Merdeka Battery Materials Tbk (MBMA) is an Indonesian vertically integrated battery materials producer that mines nickel and cobalt ore and processes it through multiple downstream stages into intermediate products for the EV battery and stainless steel value chains. The company operates the SCM Mine in Konawe, Southeast Sulawesi, containing approximately 13.8 million tonnes of nickel at 1.22% Ni grade and 1.0 million tonnes of cobalt at 0.08% Co grade within a 21,100-hectare concession (previously held by Rio Tinto). Limonite ore (77% of reserves) is directed toward Mixed Hydroxide Precipitate (MHP) production for EV batteries, while saprolite ore (23%) feeds Rotary Kiln-Electric Furnace (RKEF) smelters producing nickel pig iron (NPI) for stainless steel.

MBMA's processing portfolio spans RKEF smelters (CSID at 19ktpa Ni, BSID at 19ktpa Ni, ZHN at 50ktpa Ni; total 88,000 tpa Ni nameplate) located in the Indonesia Morowali Industrial Park (IMIP), a high-grade nickel matte conversion facility at HNMI (50,000 tpa Ni, >70% Ni content, 60%-owned since May 2023), the AIM Plant (1.2Mtpa sulfuric acid and steam capacity processing pyrite from the Wetar Copper Mine), and HPAL plants under development with CATL (60ktpa Ni), GEM (30ktpa Ni), and Meiming (25ktpa Ni) — totaling 115,000 tpa planned nickel in MHP. First MHP production was achieved in Q4 2024. The company holds direct offtake-backed partnerships with CATL (the world's largest EV battery manufacturer) and GEM Co., Ltd. (a major Chinese nickel recycler and battery materials firm), and shares extensive joint-venture ownership with Tsingshan Group — the world's largest stainless steel producer — across mining, smelting, nickel matte conversion, and the planned 3,500-hectare IKIP industrial park.

MBMA is majority-owned by PT Merdeka Copper Gold Tbk (MDKA) through subsidiary PT Merdeka Energi Nusantara, and listed on the Indonesia Stock Exchange under ticker MBMA since 18 April 2023. The company has executed multiple IDR-denominated corporate bond and sukuk mudharabah issuances from March 2024 through 2026 to fund capacity expansion. Revenue is generated through commodity hardware sales — nickel ore, NPI, nickel matte, MHP, sulfuric acid, steam, and by-product metals — with pricing tied to global commodity indices (LME). Customers are concentrated among global EV battery manufacturers (CATL, GEM) and stainless steel producers. The company employs 251–500 staff, has reported a 52% increase in nickel reserves in its 2025 Mineral Resources and Ore Reserves update, and is headquartered in Jakarta's SCBD.

Name

Merdeka Battery Materials

Legal name

PT Merdeka Battery Materials TBK

Website

https://merdekabattery.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

251–500 employees

Short description

PT Merdeka Battery Materials (MBMA) is an Indonesian vertically integrated battery materials producer covering nickel mining, RKEF smelting, nickel matte conversion, and HPAL processing. It supplies nickel intermediates to EV battery makers and stainless steel producers via offtake partnerships with CATL and GEM.

Ownership category

akta.pro rank

Product category

Nickel and Cobalt Battery Materials

NAICS

Battery Manufacturing (335910), Nonferrous Metal (except Aluminum) Smelting and Refining (33141)

SIC

Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330), Secondary Smelting & Refining Of Nonferrous Metals (3341)

akta.pro primary industry

Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI)

akta.pro secondary industries

Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Battery Materials Refining & Re-Manufacturing Feedstocks (Li, Ni, Co, Mn, Graphite Salts) (EUAIAIAJ)

Keywords

• Nickel mining
• Battery materials
• Nickel pig iron
• HPAL processing
• MHP production

Headquarters

HQ city

Selatan

HQ country

Indonesia

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Nickel Ore Mining (SCM Mine): Mining and sale of limonite ore and saprolite ore from SCM Mine concession. Limonite ore (77%) is suitable for MHP production for EV batteries; saprolite ore (23%) is sent to RKEF smelters for NPI production.
2. Nickel Pig Iron (NPI) from RKEF Smelters: Production and sale of Nickel Pig Iron from RKEF smelters (CSID, BSID, ZHN) with total capacity of 88,000 tonnes of nickel per annum. NPI is primarily used for stainless steel production.
3. High-Grade Nickel Matte (HGNM): Conversion of low-grade nickel matte from RKEF into high-grade nickel matte (>70% Ni content) for sale to battery precursor manufacturers. Acquired through 60% ownership in PT Huaneng Metal Industry (HNMI) in May 2023.
4. Mixed Hydroxide Precipitate (MHP): Production of MHP from HPAL plants for EV battery industry. Multiple HPAL plants under development with CATL (60ktpa Ni), GEM (30ktpa Ni), and Meiming (25ktpa Ni) partnerships.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

PT Merdeka Battery Materials TBK is a vertically integrated Indonesian producer of nickel and cobalt battery materials, mining laterite ore at SCM Mine and processing it through RKEF smelters into Nickel Pig Iron for stainless steel, through nickel matte conversion into high-grade nickel matte, and through HPAL plants into Mixed Hydroxide Precipitate (MHP) as feedstock for EV battery cathode materials. The company's products are sold B2B under direct enterprise offtake agreements to global battery manufacturers (CATL, GEM) and stainless steel producers.

Product overview

PT Merdeka Battery Materials (MBMA) is a vertically integrated battery materials company operating across the nickel value chain. The company operates six main product segments: SCM Mine (nickel/cobalt mining), RKEF Smelters (NPI production), Nickel Matte (high-grade conversion), AIM Plant (acid/metal processing), IKIP (industrial park for battery materials), and HPAL (MHP production for EV batteries). These operations are strategically located in Sulawesi, Indonesia, with joint ventures with Tsingshan Group, CATL, and GEM. The company went public on the Indonesia Stock Exchange in April 2023 under ticker MBMA.

Differentiator

Problem solved

Functional benefit

Products and services

• SCM Mine - Nickel and Cobalt Ore Open-pit mining operation producing limonite and saprolite nickel-cobalt ores from a 21,100-hectare concession in Konawe, Southeast Sulawesi, with approximately 13.8Mt Ni and 1.0Mt Co resources. Limonite (77%) is directed to HPAL for MHP production for EV batteries; saprolite (23%) is directed to RKEF smelters for NPI. Customers include internal processing facilities and external battery material producers.
• Nickel Pig Iron (NPI) from RKEF Smelters Nickel Pig Iron produced from Rotary Kiln-Electric Furnace (RKEF) smelters (CSID, BSID, ZHN) located within Indonesia Morowali Industrial Park (IMIP), with total nameplate capacity of 88,000 tonnes of nickel per annum. Sold B2B to stainless steel producers for 300-series stainless steel production.
• High-Grade Nickel Matte (HGNM) High-grade nickel matte with >70% Ni content produced by converting low-grade nickel matte from RKEF smelters at the HNMI facility in IMIP, with average capacity of 50,000 tonnes of nickel per annum. Sold B2B to battery precursor manufacturers and Class 1 nickel producers as key feedstock for nickel sulfate and EV battery materials.
• AIM Plant - Sulfuric Acid, Steam, and By-Metals Integrated processing facility in IMIP that produces sulfuric acid (1.2Mtpa capacity), saturated steam, iron ore pellets, copper sponge, copper cathode, lead-zinc hydroxides, gold and silver from pyrite concentrate. Sulfuric acid and steam are supplied as key inputs to HPAL plants for MHP production, while by-metals are sold as co-products.
• IKIP - Indonesia Konawe Industrial Park Planned battery material focused industrial park covering approximately 3,500 hectares within the SCM Mine concession area in Konawe, Southeast Sulawesi, intended for hydrometallurgy processing using HPAL technology. Joint venture with Tsingshan Group (MBMA 32%, Tsingshan 68%).
• Mixed Hydroxide Precipitate (MHP) from HPAL Plants Mixed Hydroxide Precipitate (MHP) produced by High Pressure Acid Leach (HPAL) processing of laterite ore, sold B2B to global EV battery manufacturers as a key feedstock for nickel sulfate and battery cathode materials. Produced from multiple HPAL plants operated under joint ventures with CATL (60 ktpa Ni), GEM (30 ktpa Ni), and Meiming (25 ktpa Ni), with combined planned capacity of 115,000 tonnes Ni per annum.

Quantifiable outcome

• 52% increase in nickel reserves reported in 2025
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eleven partnerships are on record, tiered core and flagship.

• PT MeimingcoreStrategic or Co-development Partner · 1 February 2024MBMA investing with GEM to develop PT Meiming HPAL plant with 25,000 tpa nickel in MHP capacity. Autoclave commissioning began October 2024, targeting completion mid-2025.
• GEM Co., LtdflagshipStrategic or Co-development Partner · 1 September 2023September 2023 partnership for HPAL plant construction within IMIP with 30,000 tpa nickel in MHP (55% MBMA, 45% GEM). Stage one: 20,000 tpa Ni targeting end 2024; stage two: 30,000 tpa Ni targeting mid-2025. GEM also partnered for Meiming HPAL plant with 25,000 tpa Ni capacity.
• PT Huaneng Metal Industry (HNMI)coreStrategic or Co-development Partner · 1 May 2023Acquired 60% ownership in May 2023. HNMI owns a high-grade nickel matte conversion facility within IMIP, producing nickel matte with >70% Ni content from low-grade nickel matte from RKEF smelters.
• Ningbo Brunp Contemporary Amperex Co. Ltd. (CATL)flagshipStrategic or Co-development Partner · 1 March 2023March 2023 MoU for HPAL plant development with 60,000 tpa nickel capacity in MHP. MBMA owns 66% economic interest, CATL owns 34%. CATL is the world's largest EV battery manufacturer, ensuring offtake for MHP production. Feasibility work advancing with construction expected to commence after feasibility completion.
• Tsingshan GroupflagshipStrategic or Co-development Partner · 1 March 2022Major strategic partner in multiple joint ventures: SCM Mine (49%), RKEF Smelters (49.9%), Nickel Matte (40%), AIM Project (20%), and IKIP (68%). Tsingshan, the world's largest stainless steel producer, provides smelting expertise and market access. Tsingshan developed IMIP where MBMA's RKEF and HPAL facilities are located.
• Indonesia Financial Service Authority (OJK)coreOthersCapital market regulatory authority overseeing MBMA's listed company compliance. Located at Soemitro Djojohadikusumo Building, Jl. Lapangan Banteng Timur No. 2-4, Jakarta 10710.
• Indonesia Stock Exchange (IDX)coreOthersListed exchange where MBMA trades under ticker MBMA since April 18, 2023. Located at Indonesia Stock Exchange Building, 1st Tower, 6th Floor, Jl. Jend. Sudirman Kav. 52-53, Jakarta 12910.
• Indonesian Central Securities Custodian (KSEI)coreOthersCentral securities depository for Indonesia's capital market, located at Indonesia Stock Exchange Building, 1st Tower, 5th Floor.
• Tanubrata Sutanto Fahmi Bambang & Partner (BDO)coreImplementation/ SI/ Consulting PartnerPublic accounting firm, member of BDO International Ltd., providing audit services. Located at Prudential Tower, 16th-17th Floor, Jl. Jend. Sudirman Kav. 79, Jakarta.
• Assegaf Hamzah & PartnerscoreImplementation/ SI/ Consulting PartnerLegal counsel providing legal advisory services. Located at Capital Place, 36th-37th Floor, Jl. Jend. Gatot Subroto Kav. 18, Jakarta 12710, Indonesia.
• PT Datindo EntrycomcoreChannel Partner/ Reseller/ DistributorShare registrar bureau managing MBMA's shareholder registry. Located at Jl. Hayam Wuruk No. 28, 2nd Floor, Gambir, Kota Jakarta Pusat, Jakarta 10120, Indonesia.

Scale indicators13 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Vale SA: Brazilian diversified mining giant with nickel operations in Canada, Indonesia, and Brazil. Broad incumbent with significant nickel mining and Class-1 nickel production, but as part of a much larger mining portfolio spanning iron ore, copper, and other metals.
• Glencore: Global mining and commodities trading major with nickel mining (Koniambo in New Caledonia), smelting, and recycling. Competes with MBMA across multiple stages of the nickel value chain but as part of a broad mining/trading portfolio.
• BHP Group: Diversified global miner with significant nickel operations (Western Australia Nickel, Cerro Matoso in Colombia). Broad incumbent competing for share in the battery-grade nickel market but operating across multiple unrelated commodities.

Direct peers

• Eramet: French mining and metallurgy group operating nickel mining (New Caledonia) and a major HPAL/MHP operation (Weda Bay in Indonesia, via partnership with Tsingshan). Direct peer in nickel laterite mining and Class-1/battery-grade nickel production.
• GEM Co., Ltd. Chinese battery materials and recycling company that is both MBMA's strategic partner (HPAL JV, Meiming HPAL) and a comparable operator in nickel-cobalt intermediates for EV batteries.
• Huayou Cobalt: Chinese battery materials company producing nickel and cobalt intermediates (MHP, nickel sulfate, cathode precursors). Directly comparable to MBMA as a Chinese-influenced battery materials processor with vertically integrated upstream interests.
• Sumitomo Metal Mining: Japanese nonferrous metals company with integrated nickel mining, smelting, and refining, plus battery materials exposure through cathode precursor production. Closely comparable in integrated nickel-to-battery-materials positioning.
• Nickel Asia Corporation: Philippines-listed nickel laterite miner and one of the largest nickel ore producers globally. Direct peer in primary nickel ore mining, with similar laterite feedstock and exposure to global nickel markets.
• Tsingshan Group: The world's largest stainless steel producer and MBMA's largest JV partner across SCM Mine, RKEF Smelters, Nickel Matte, and IKIP. Tsingshan developed IMIP where MBMA's processing assets are sited and is itself a major NPI and battery-grade nickel producer, making it the closest comparable in scale and product mix.

Emerging players

• POSCO Holdings: Korean steel and battery materials group expanding into nickel refining and cathode materials. Comparable as an emerging integrated player bridging stainless/steel roots and EV battery materials, though smaller than MBMA in primary nickel mining.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/merdekabatterymaterials
• Instagraminstagram.com/merdekabatterymaterials

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

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Frequently asked questions about Merdeka Battery Materials