"7 Times Yeouido"... LX Inter Completes Acquisition of Indonesian Nickel Mine

AKP Acquires 60% Stake in Gwangsan for 133 Billion KRW
Capacity to Produce Batteries for 7 Million Electric Vehicles

LX International has completed the acquisition of a nickel mine with an area seven times that of Yeouido, Seoul.

On the 16th, LX International announced that it had acquired a 60% stake in the Indonesian AKP mine for 133 billion KRW and secured management rights.

Earlier, after deciding on the acquisition in November last year, LX International invested 135.4 billion KRW in its subsidiary PT.EBI, established to acquire shares of the AKP mine, on the 5th. Subsequently, on the same day, PT.EBI paid the full amount for the AKP mine share acquisition.

The AKP mine is a nickel mine located near the Morowali Industrial Park on Sulawesi Island, Indonesia. It covers an area of approximately 2,000 hectares, which is seven times the size of Yeouido, Seoul. Nickel smelting complexes are established near the mine, and as an operating mine, infrastructure such as ore transportation routes, low-grade ore storage, and ports are already in place.

The mine's in-situ resource amount based on raw ore is 51.4 million tons. Among this, the verified minable reserves amount to 36 million tons. This quantity is sufficient to produce batteries for 7 million electric vehicles. LX International holds the offtake rights for the entire produced volume.