Major Indonesian nickel smelter enters court-ordered debt halt
One of Indonesia’s largest nickel smelters has been placed under a temporary debt suspension by a local court, as the Southeast Asian nation’s industry grapples with ore shortages and low metal prices.
PT Gunbuster Nickel Industry has been put under a so-called PKPU by the Central Jakarta Commercial Court, according to the court’s website. That’s the initial stage of the restructuring process, and gives a debtor temporary protection from creditors as a workout or settlement is negotiated.
Indonesia is the world’s largest nickel producer following a breakneck expansion driven largely by Chinese capital and expertise, and the country accounts for more than 60% of global supply. Still, producers have been struggling amid a slump refined metal prices, as well as shortages of ore.
The smelter was inaugurated in 2021 by then-President Joko Widodo, and became a symbol of the rapid rise of the nation’s nickel sector, as well as its challenges, including overcapacity, industrial accidents and deaths. Able to produce more than 1.8-million tons a year of nickel pig iron, its one of the country’s biggest individual plants.
Gunbuster may have been impacted by the restructuring of an affiliate company, China’s Jiangsu Delong Nickel Industry. Efforts by Bloomberg News to contact the companies did not get an immediate reply.
The application to place Gunbuster under the temporary debt suspension was made by PT Pancaran Karya Shipping and PT Pancaran Maritim Transportindo, according to the website.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
For over 15 years, Lilak Aluminium, a trusted leader in architectural extrusion supply, has delivered excellence to businesses like yours.
VISIT SHOWROOM
Stewarts & Lloyds is a leading steel, tube, and engineering product supplier in South Africa.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
