, is planning capital expenditure of $687 million this year, primarily for expanding its nickel business. This is more than 13 times its capital expenditure allocation of $52 million in 2023.
Harum Energy expanded into nickel mining in 2020 by establishing THN. That company operates three nickel ore mines in East Halmahera, Central Halmahera and Central Sulawesi. Apart from nickel mines, it also owns a nickel refinery, processing facilities and the Indonesia Weda Bay Industrial Park in Central Halmahera, North Maluku Province.
According to the MoU, in the third quarter of this year, THN and holding company Harum Nickel Perkasa will issue mandatory convertible notes subscribed to by Eternal Tsingshan. Following the conversion, Eternal Tsingshan will own up to 49% in the two companies.in Blue Sparking Energy for $206 million. Blue Sparking Energy is developing a high-pressure acid leach facility in the Indonesia Weda Bay Industrial Park, which is expected to start operations in early 2026.