28 October 2023

United Tractors has very recently completed its investment in NIC, a leading nickel processing business in Indonesia. The investment 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.