PT Soe Makmur Resources is a 2000 ha Manganese mine in same region of PT Mandala Erakovic in East Nusa Tenggara, Indonesia. Altilium Metals has fixed an exclusive off-take in 2022, with 3,000 MT to be supplied Q1 2022 and then 15,000 MT of Manganese ore per month for the balance of 2022.
Altilium Metals has also commenced due diligence to take a controlling stake in PT Soe Makmur Resources which should be complete Q1 2022.
The grade of ore at PT Soe Makmur Resources is 50% Manganese. This grade is particularly suitable for NMC batteries in Electric Vehicles (EV). The higher the purity of manganese in the battery, the lower the quality of the nickel and cobalt that needs to be used, helping to reduce the reliance on these metals as well as driving down raw material costs. Considering the battery makes up over 50% the production cost of a new EV, lowering the price and increasing the rate of adoption of EVs will decrease pollution in our cities and reduce carbon emissions.