Walsin Lihwa Strengthens Its Resources Business by Investment in Environmentally Friendly Mining2022.05.31
Walsin Lihwa’s board meeting today passed a resolution to acquire 40% of the equity of the Singapore-based Innovation West Mantewe (IMM) at US$80 million. IWM owns 45% of the equity of PT. Transcoal Minergy (TCM) in Indonesia.
TCM’s mine area is in Kalimantan Selatan, Indonesia with an annual coal capacity of approximately 6 megatons, which will be available in 2024 by underground tunnel mining. Such environmentally friendly mining only has a limited ecological impact.
As Walsin Lihwa has been investing in nickel pig iron and nickel matte production as well as power plant development over the past several years, the investment in IWM is expected to help secure key raw material sources, mitigate price volatility risks, and stabilize profitability.