Merdeka Battery (MBMA) Appoints Two New Directors, Here Is the Full Line-Up

PT Merdeka Battery Materials Tbk. (MBMA) has reshuffled its management during its Annual General Meeting of Shareholders (RUPST) for 2026. The nickel processing issuer welcomed two new directors. Shareholders approved the appointment of James Nicholas and Ashutosh Srivastava Fausimm as Directors of MBMA, effective from the close of the RUPST. James Nicholas serves as Chief Financial Officer, while Ashutosh Srivastava Fausimm is the Operational Director. The RUPST also approved the resignation of Anthony Kartono Tan from his position as Director. MBMA expressed appreciation for Anthony’s contributions and dedication during his tenure. “The strengthening of the Board of Directors is expected to support MBMA’s focus on financial discipline, operational execution, and long-term value creation as the company develops its position in the battery raw materials value chain,” said MBMA President Director Teddy Nuryanto Oetomo in a statement on Wednesday (24/6/2026). In addition, the RUPST approved the company’s Annual Report for the 2025 financial year and ratified the consolidated financial statements for the financial year ending 31 December 2025. The meeting also agreed on a number of strategic decisions to support MBMA’s future growth agenda. Throughout 2025, MBMA recorded revenue of approximately US$1.435 billion and EBITDA of US$219 million, supported by increased nickel production volumes, better contributions from downstream operations, and sustained cost discipline across the value chain. The Sulawesi Cahaya Mineral nickel mine was one of the main drivers, with production of 7.0 million wet metric tonnes (wmt) of saprolite ore and 14.7 million wmt of limonite ore in 2025. Downstream operations also contributed to the company’s performance, with Nickel Pig Iron (NPI) production of 73,871 tonnes, High-Grade Nickel Matte (HGNM) of approximately 19,998 tonnes, and Mixed Hydroxide Precipitate (MHP) of approximately 25,994 tonnes. Entering 2026, MBMA is targeting growth across all operational lines. The company is targeting saprolite ore production of 8.0 million to 10.0 million wmt and limonite ore production of 20.0 million to 25.0 million wmt. In the downstream nickel sector, MBMA is targeting NPI production of 70,000 to 80,000 tonnes and HGNM of 44,000 to 48,000 tonnes. The subsidiary of PT Merdeka Copper Gold Tbk. (MDKA) is also continuing to advance a number of strategic projects to improve integration and efficiency. MBMA has begun operating a Feed Preparation Plant (FPP) to deliver limonite slurry via pipeline from the SCM mine to the HPAL facility operated by PT ESG New Energy Material. The SLNC HPAL project, which has an installed capacity of 90,000 tonnes of nickel per year, is progressing according to plan, with commissioning of the first line targeted for the second half of 2026. Following the conclusion of the RUPST, the composition of the company’s Board of Directors and Board of Commissioners is as follows: President Commissioner: Winato Kartono; Commissioner: Michael W.P. Soeryadjaya; Independent Commissioner: Prof. Dr. Didi Achjari; President Director: Teddy Nuryanto Oetomo; Director: Titien Supeno; Director: James Nicholas; Director: Ashutosh Srivastava Fausimm.