United Tractors, a subsidiary of PT Astra International Tbk (Astra)*, has recently completed its investment in NIC. This was for a minority interest of less than 20%. As a shareholder, United Tractors will monitor and encourage good mining practices in NIC’s mines, including reclamation.

United Tractors views this as an important strategic investment that supports the evolution of the EV sector in Indonesia, aligned with the Indonesian Government's policy to encourage increased investment in downstream nickel processing in- country which, in the longer term, will contribute to decarbonising the Indonesian economy.

* Astra is 50.1%-owned by Jardine Cycle & Carriage, which is a Jardine Matheson subsidiary.