CBL investment evident of MIND ID Group as an important pillar for realizing the EV ecosystem

Jakarta, 16 January 2023 – MIND ID or the Holding State-Owned Enterprise for the Mining Industry in Indonesia focuses on developing the electric vehicle ecosystem in Indonesia. As a direct effort, MIND ID through its Member, PT ANTAM Tbk, is accelerating the EV Battery ecosystem development with the signing of the Conditional Share Purchase Agreement “CSPA” between ANTAM and Hong Kong CBL Limited “HKCBL”, subsidiary under the control of CBL, on a portion of ANTAM’s share ownership in PT Sumberdaya Arindo (PT SDA).

The signing of the CSPA is the initial step in realizing the EV Battery Ecosystem Development Project in Indonesia and in line with the commitment of ANTAM to support the development of the project.  Moreover, it is hoped that this cooperation will allow CBL (through HKCBL) to contribute directly to the technology aspect and business experience it has through collaboration with ANTAM in PT SDA, and at the same time, become a strategic partner of ANTAM in the implementation of the integrated EV Battery Ecosystem Development Project in Indonesia.

MIND ID’s Director of Institutional Relations, Dany Amrul Ichdan, said that this cooperation is a commendable milestone to build subsequent collaborations in Indonesia. He therefore invites global corporations to collaborate with MIND ID for the rapid advancement of the EV Battery Ecosystem Development in all aspects.

“Do not hesitate to invest in Indonesia. Let us make a success of the integrated EV Ecosystem development, as we need plenty of strategic investments and strategic partners, transfer of knowledge and technology, product development, market penetration, and others. In this matter, we are continually open to enter into collaboration,” said Dany.

The signing is a follow-up of the Framework Agreement signing for the collaboration of the integrated EV Battery Ecosystem Development Project which encompasses activities from mining of nickel ore to battery recycling industry which has been conducted by ANTAM and PT Industri Baterai Indonesia (IBC), and Ningbo Contemporary Brunp Lygend Co. Ltd. (“CBL”) on 14 April 2022 ("Framework Agreement”).

This MoU also opens a more extensive opportunity in nickel ore mining activities in the context of the EV Battery Ecosystem Development Project, which shall henceforth be implemented by PT SDA, subsidiary of ANTAM, who has a mining business license in East Halmahera, North Maluku.

After the signing of the SCPA, ANTAM as well as HKCBL will fulfill the precedent conditions as soon as possible. The signing of the CSPA is followed by the signing of the Conditional Shareholders Agreement “Conditional SHA” at the same date. Specifically, the Conditional SHA will take effect after the transfer of a portion of the Company share ownership in PT SDA, at the date of the SCPA conclusion (“Transaction Conclusion”).

At the Transaction Conclusion, ANTAM and HKCBL will sign the Share Sale Purchase Agreement. Subsequently, after the Transaction Conclusion, ANTAM will remain as the controlling shareholder in PT SDA, in line with the PSAK 65 provisions, therefore, the status of PT SDA as a consolidated subsidiary in the financial reports of ANTAM will remain unchanged.

On MIND ID

The Mining Industry Holding was officially formed on 27 November 2017, with PT Indonesia Asahan Aluminium (Persero) as the holding company with majority shares in four largest mining companies in Indonesia, PT Aneka Tambang Tbk, PT Bukit Asam Tbk, PT Timah Tbk and PT Freeport Indonesia. On 17 August 2019, the Mining Industry Holding was transformed into MIND ID (Mining Industry Indonesia) to differentiate the functions of INALUM as Holding and as Operational company. As the Pioneer of the Decarbonization Program in Indonesia as well as the Spearhead of the Mining Product Downstreaming Program, MIND ID manages natural resources for civilization, prosperity, and a brighter future.

For more information, please contact:

Niko Chandra

Institutional Relations Head Division MIND ID

niko.chandra@mind.id

(021) 27938750