[Alpha Biz=(Chicago) Reporter Paul Lee] General trading company LX International has acquired an Indonesian nickel mine.

LX International held a board meeting on the 7th and approved an agenda to acquire a 60% stake in Indonesia's nickel mine, AKAP Mine, to secure management rights. The total investment for the acquisition of the mine is 133 billion won, and LX International will have the authority to acquire all of the produced goods.

The AKP mine is a nickel mine located near the Morowali Industrial Complex on Indonesia's Slavesi Island. The total site of the mine is 2,000ha (hectare), seven times the size of Yeouido (290ha). Of the 51.4 million tons of reserves, the amount of nickel mined is 36 million tons. This is enough to be used for 7 million electric vehicles. There is a nickel smelting complex near the mine, and there are also ungwang-ro, low square, and ports, so the location is excellent.

LX International's acquisition of nickel mines reflected its willingness to actively engage in the secondary battery mineral business. The strategy is to secure a future profit base by investing liquidity generated through existing businesses such as coal, palm, and trading in the core mineral sector of secondary batteries.

LX International plans to gradually increase production after completing the acquisition process such as payment early next year. The goal is to more than double annual production from 1.5 million tons last year to 3.7 million tons in 2028.

 

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