Lohum seeks nickel mines in Indonesia, Philippines to boost output

Indian critical minerals producer Lohum is looking to acquire nickel mines in Indonesia and the Philippines as part of a plan to increase production tenfold and meet growing demand for battery minerals, according to its founder and chief executive.

CEO Rajat Verma said the company aims to raise its nickel production capacity to 10,000 metric tons a year over the next 18 months. It currently produces 1,000 tons of nickel annually by processing recycled materials at its plant in the western Indian state of Gujarat.

To fund its broader plans, Lohum is seeking to raise 10 billion rupees ($105 million) in equity and 20 billion rupees in debt over the next 12 to 18 months, Verma said. The company is in talks with potential investors but he declined to name them.

He noted that the increase in nickel capacity could be even larger depending on possible acquisitions.

Verma also said Lohum is setting up a plant to produce 5,000 metric tons a year of cathode active material, as it expands into other battery materials. The facility, located in the northern Indian state of Uttar Pradesh, is expected to be commissioned by March and will require nickel and lithium.