LX International Corp. is expanding its footprint in battery materials, targeting nickel and copper mine acquisitions in Indonesia even as prices slump amid cooling electric-vehicle demand.
The trading arm of South Korea’s LX Group plans to add another nickel mine following its January purchase of a 60% stake in PT Adhi Kartiko Pratama for 132.9 billion won ($99.8 million). The company is also eyeing its first copper mine acquisition in Indonesia, executives said during an earnings call Friday.
The push into battery metals marks a strategic pivot for LX International, which has historically relied on coal for most of its natural resources revenue. The PT AKP mine, which executives tout as Indonesia’s most cost-effective nickel operation, holds reserves sufficient to power 7 million EVs. Output is set to rise to 3.7 million tons by 2028 from 1.5 million tons this year.
Beyond Indonesia, the company is scouting for copper assets in the Philippines and Australia, according to sources familiar with the matter.
The metals expansion comes as LX International reported a 13% jump in 2024 operating profit to 489.2 billion won, driven by stronger palm oil trading and higher shipping rates at its LX Pantos unit.
