CNGR Advanced Material agreed on 22 October 2026 to buy the 53.3% of Hanking (Indonesia) Mining it does not already own from China's Hanking Group for about US$107.87m, the first step in a restructuring to take control of two Indonesian nickel mines.
Why CNGR Advanced Material Co., Ltd. (via CNGR Hong Kong) is buying Hanking (Indonesia) Mining Limited (53.3% from Hanking Group)
CNGR said it needed to secure control of nickel mining assets that are increasingly scarce and sought after, to consolidate interests held in a fragmented way through ANHI, HML and Denway onto one platform, and to keep long-term control of the mines while complying with Indonesia's foreign-ownership divestment rules.
Deal terms and financing
The HML price may be adjusted for borrowings owed by the mining companies to Hanking Group. ANHI will then buy Denway Development from HML for US$324m, funded by a rights issue of up to 100bn new shares raising up to US$463m, with CNGR's Indonesian subsidiary PT Eco Energi Perkasa acting as standby buyer for up to US$418m. CNGR expects to hold at least 50% of ANHI afterwards.
Regulatory approvals and timing
The steps require approval by an ANHI extraordinary general meeting and registration with Indonesia's Financial Services Authority. The deal is a discloseable transaction under Hong Kong listing rules and does not need CNGR shareholder approval.
Market context
Denway holds 40.5% of each of PT Konutara Sejati and PT Karyatama Konawe Utara in North Konawe, while ANHI holds 30% and 34.5% respectively. Indonesian media valued the Denway purchase at about Rp5.73 trillion.
