PT Merdeka Battery Materials Tbk (MBMA) announced Q1 2024 revenue of US$444 million and EBITDA of US$27 million, representing YoY growth of 211% and 102%. The company achieved record production of 20,900 tonnes of nickel in nickel pig iron (NPI) and 12,041 tonnes of nickel in nickel matte. MBMA secured financing for the HPAL project and fully drew an $80 million facility with PT Bank UOB Indonesia. As of 31 March 2024, MBMA held US$286 million in cash with US$367 million in outstanding bank debt.
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