Competition

Competitors describe PT Trimegah Bangun Persada Tbk's market in their own filings and calls. These verified passages and visual pages show where their strategies meet, using source documents preserved in Sources.

Lygend Resources & Technology Co., Ltd. (2245)

Lygend is Harita's actual joint-venture partner on Obi Island, co-owning and operating the HPAL and RKEF plants that are the heart of Harita's downstream business — so its filings name and quantify the subject directly and describe the very same assets.

Lygend's FY2024 report discloses that its Obi HPAL project entity (HPL) paid RMB1.42bn in dividends, of which RMB642m went to non-controlling shareholder PT Trimegah Bangun Persada — the subject — documenting Harita's minority economics in the HPAL plant Lygend operates.

In 2024, HPL distributed dividends of RMB1,423,340,000 to all shareholders, among which included RMB641,926,000 was distributed to a non-controlling shareholder PT Trimegah Bangun Persada ("TBP").

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Lygend's own sizing of the Obi Island projects it co-owns with Harita: 120kt/yr of nickel-cobalt compound (MHP) HPAL capacity plus 280kt/yr of ferronickel RKEF capacity — the core downstream assets underpinning the subject.

On the Obi Island, Indonesia, we have jointly invested in two nickel product production projects with our Indonesian Partner, including (i) the HPAL project, a hydrometallurgy project with an aggregate designed production capacity of 120 thousand metal tons of nickel-cobalt compound per annum (including 14.25 thousand metal tons of cobalt), and (ii) the RKEF project, a pyrometallurgy project using the RKEF process (the "RKEF project," together with the HPAL project, the "Obi projects"), with an aggregate designed production capacity of 280 thousand metal tons of ferronickel

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Lygend's stated view, citing Wood Mackenzie, that the Obi HPAL project sits at the left end of the global cost curve as one of the lowest cash-cost nickel-cobalt (MHP) producers — a cost claim over the same Obi output central to the subject.

Drawing on the resource synergy advantages of Obi Island in Indonesia and process innovation, according to Wood Mackenzie, the cash cost of the HPAL project remains at the left end of the global cost curve, making our HPAL project one of the nickel-cobalt compound production projects with the lowest cash cost within the industry.

p. 19 · Read in context →

PT Merdeka Battery Materials Tbk (MBMA)

MBMA is Harita's most direct listed Indonesian integrated-nickel competitor — laterite mining plus RKEF/NPI, nickel matte and HPAL/MHP — and its filings size the Indonesian nickel market and stake out the same battery-grade downstream ambition.

MBMA's stated sizing of Indonesia at ~42% of world nickel reserves and ~50% of global output, and its self-positioning as a vertically integrated player across mining, RKEF/NPI and matte — the same value chain the subject spans.

Approximately 42% of the world's nickel reserves are located in Indonesia with its production accounts for around 50% of total global nickel output. The combination of abundant reserves and high production levels provides Indonesia with significant strategic leverage over the global supply chain, ranging from EV batteries to stainless steel. […] The Company has strengthened its position as a key player through a vertically integrated nickel supply chain to optimise opportunities arising from Indonesia's downstream nickel industry. This integration spans from nickel mining at the SCM Mine to NPI processing at RKEF Smelter […] as well as nickel matte production at HNMI as a Class 1 nickel feedstock.

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MBMA's claim that its 51%-owned SCM mine is one of the world's largest undeveloped, low-cost, high-grade nickel assets with 25+ years of life — an upstream resource-scale claim to benchmark against the subject's Obi laterite base.

The Company, through its subsidiary MIN, holds a 51% shares in the SCM Mine — a globally significant, high-quality, low-cost mining operation. Located approximately 50 km southwest of IMIP, the mine is known for its substantial nickel resources and highgrade deposits, making it one of the largest undeveloped nickel assets in the world. […] Expected to support more than 25 years of operations, the SCM Mine ofers flexibility in ore extraction to align with downstream processing schedules […] It serves as the cornerstone of MBMA Group downstream value creation.

p. 59 · Read in context →

MBMA management's 2025 outlook citing a projected global oversupply (3.65mt output vs 3.51mt demand) and prioritizing HPAL scale-up for battery-grade nickel — the same MHP niche the subject's HPAL serves.

Industry forecasts for 2025 point to an oversupply, with production projected at 3.65 million metric tonnes against demand of 3.51 million metric tonnes. Despite this, MBMA is well-positioned to navigate these market shifts and capitalise on its vertically integrated operations. Our strategic priorities include scaling up HPAL production to meet the growing demand for batterygrade nickel, expanding downstream processing and continuing advancing innovations that enhance cost eficiency and sustainability.

p. 43 · Read in context →

Nickel Industries Limited (NIC)

Nickel Industries is an ASX-listed Indonesian integrated producer spanning RKEF/NPI, nickel matte and HPAL-derived MHP — the same two-product profile as Harita — and publishes detailed volume, capacity and pricing benchmarks.

Nickel Industries' self-description as a globally significant, low-cost NPI producer that has diversified into nickel matte and HPAL-derived MHP for the EV supply chain — an integrated peer spanning both of the subject's product lines.

Nickel Industries and its controlled entities (together the Group) has become a globally significant, low-cost producer of nickel pig iron (NPI), a key input in the production of stainless steel. Additionally, the Group has diversified into the production of nickel mate and acquired interests in high pressure acid leach (HPAL) projects, producing mixed hydroxide precipitate (MHP) for use in the electric vehicle (EV) supply chain.

p. 4 · Read in context →

PT Harum Energy Tbk (HRUM)

Once a thermal-coal miner, Harum is pivoting into the same integrated Indonesian nickel model as Harita — captive laterite ore feeding RKEF and a new HPAL/MHP plant — giving an outside read on MHP vs RKEF economics and nickel-price dynamics.

Harum's stated per-tonne economics for its two nickel products — MHP materially higher-margin than RKEF/NPI — alongside a planned step-up in captive-ore integration, mirroring the subject's integrated HPAL/MHP model.

The margin improvement was supported by stronger pricing, higher integration and a more favorable product mix, with MHP commencing sales in late March 2026 contributing as a higher-margin product (approximately USD 5,873/t after byproduct credit) compared to RKEF (approximately USD 2,762/t). […] The strong performance highlights the scalability of the nickel segment, with margins expected to remain supported by continued volume growth, increasing MHP contribution, and improved vertical integration, including a projected rise in internal ore production from 13% of ore consumption in 2025 to over 50% in 2026.

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Harum's stated HPAL capacity of 67,000 tpa nickel-in-MHP at its BSE project, with a ~80% utilization target for end-2026 — a new Indonesian MHP supply source comparable to the subject's HPAL output.

The BSE HPAL project is progressing well toward its full production capacity of 67,000 tonnes per annum of nickel in MHP. Commercial sales commenced at the end of March 2026, contributing 4,091 tonnes of nickel in MHP. The ramp-up has been completed, with the plant reaching nearly full utilization in April 2026, and the Company is targeting approximately 80% of the 67,000 tonnes capacity by end of 2026.

p. 4 · Read in context →

Harum's read of the 2025 nickel market — soft LME prices (briefly sub-US$15,000/t), elevated US$20–26/t ore premiums, and its ~US$11,225/t blended cash cost — competitive-landscape commentary bearing on the subject's cost position.

The cost of revenue rose in line with higher production, resulting in a blended cash cost of USD 11,225 per nickel tonne, comparable to or slightly lower than USD 11,376 per nickel tonne in 9M 2024. The increase in costs was primarily driven by the ore premium, which remained elevated during the year in the range of USD 20–26 per tonne. […] Despite ongoing pressure on global nickel prices—with LME nickel briefly falling below USD 15,000 per tonne—the Company's nickel ASP remained relatively stable, supported by stable ASP for both NPI and HGNM products.

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Competition

Lygend Resources & Technology Co., Ltd. (2245)

PT Merdeka Battery Materials Tbk (MBMA)

Nickel Industries Limited (NIC)

PT Harum Energy Tbk (HRUM)

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