JAKARTA — The Daya Anagata Nusantara Investment Management Agency (Danantara) has signaled its intention to potentially acquire shares in PT Weda Bay Nickel (WBN) currently held by the French mining giant, Eramet.
Following a strategic meeting with President Prabowo Subianto at the State Palace on Tuesday (May 12, 2026), Danantara CEO Rosan P. Roeslani confirmed the agency’s openness to the move. The meeting, which focused on infrastructure and regional development, provided a platform for Rosan to address the agency’s expanding role in Indonesia’s mining sector.
“We are essentially open to acquiring Eramet’s shares in WBN,” Rosan stated. “Through ongoing discussions regarding domestic investment, Danantara aims to position itself as a strong local partner. We are currently in active dialogue with Eramet.”
This development follows reports from MySteel indicating that Danantara is exploring options to acquire either a portion or the entirety of Eramet’s stake in the nickel operator. Furthermore, Danantara may participate in Eramet’s scheduled rights issue later this year.
Currently, the ownership structure of Weda Bay Nickel is led by the Tsingshan Holding Group, which holds a 51.3% majority stake. Eramet maintains a 37.8% interest, while the Indonesian state-owned mining firm PT Aneka Tambang Tbk (ANTM) holds the remaining 10%. Since 2019, WBN has been a key player in the industry, operating a major nickel mine in Halmahera, North Maluku, under a Special Mining Business License (IUPK).
The groundwork for this potential acquisition was laid last year when Danantara and the Indonesia Investment Authority (INA) established a strategic investment platform with Eramet. This collaboration covers the entire nickel value chain, from upstream extraction to downstream processing. The partnership was formalized through a Memorandum of Understanding (MoU) witnessed by President Prabowo and French President Emmanuel Macron at the State Palace.
The primary objective of this alliance is to cultivate a sustainable and integrated electric vehicle (EV) battery raw material ecosystem within Indonesia. All parties are currently conducting preliminary assessments to identify projects that maximize the nation’s EV potential while drafting a roadmap for future collaboration.
Under the terms of this cooperation, the management of assets must prioritize economic efficiency and value creation while adhering to rigorous international environmental and social standards.
Pandu Sjahrir, Chief Investment Officer of Danantara, expressed confidence that this partnership would cement Indonesia’s status as a global hub in the EV battery supply chain. He explained that while Danantara and INA will manage long-term financing to support investment growth, Eramet will contribute its technical expertise and extensive experience in managing large-scale, sustainable mining projects.
“This partnership reflects a shared commitment to driving world-class nickel downstream investment in Indonesia, which is a vital pillar in strengthening our national industrial competitiveness. This collaboration integrates global-level technical capacity in eco-friendly mining to support sustainable industrial development,” Pandu stated in a recent release.
Summary
The Daya Anagata Nusantara Investment Management Agency (Danantara) is currently exploring the potential acquisition of shares held by French mining company Eramet in PT Weda Bay Nickel. Danantara CEO Rosan P. Roeslani confirmed that the agency is in active dialogue with Eramet regarding a possible partial or total stake purchase, as well as potential participation in an upcoming rights issue. This move aligns with Danantara’s strategic goal to strengthen its position as a major local partner within Indonesia’s domestic mining sector.
This initiative builds upon a pre-existing partnership between Danantara, the Indonesia Investment Authority (INA), and Eramet, which aims to develop an integrated electric vehicle battery supply chain in Indonesia. Through this collaboration, Eramet provides technical expertise for sustainable mining operations, while Danantara and INA facilitate long-term financing. The partnership is focused on maximizing the nation’s industrial competitiveness while adhering to strict international environmental and social standards for downstream nickel processing.
