Factsheet $NCKL: A QUESTION OF VALUE

The document details the negative impacts of Harita Group's nickel operations on Obi Island, including marine pollution, forced relocation of residents, and workplace fatalities. It highlights the company's reliance on coal-fired power plants (PLTU) and argues that the IPO of PT Trimegah Bangun Persada Tbk (NCKL) enables further destruction. The text specifically criticizes investors like Glencore and Fidelity International, as well as several global banking underwriters, for breaching net-zero and Paris Agreement commitments by supporting the company.

• The IPO of PT Trimegah Bangun Persada Tbk (NCKL) is projected to increase the net worth of the company from $1.1 billion to $4.6 billion, with a revenue growth target of 100% for 2023.
• Nickel mining and processing operations on Obi Island have caused significant environmental degradation, including the contamination of the Todoku River and the turning of seawater to a reddish-brown color due to waste disposal.
• The Harita Group's operations have led to the forced relocation of residents in Kawasi village to 'Eco Village Housing' and the loss of access to local water sources due to mining sediment.
• Harita Group utilizes coal-fired power plants (PLTU) to power its nickel processing; currently 210 MW is supplied, with a target of 4,200 MW on Obi Island, which the document claims violates a commitment by Chinese President Xi Jinping to stop building new PLTUs overseas.
• The document disputes Harita Group's safety claims, reporting 8 to 9 work accidents between 2019 and 2023 resulting in two deaths and five injuries.
• Major investors and underwriters are accused of breaching climate pledges; Glencore is cited for violating Paris Agreement goals, Fidelity International for failing its Net-Zero Asset Managers commitment, and six underwriters for breaching Net-Zero Banking Alliance standards.

APA

Trend Asia (n.d.). Factsheet $NCKL: A QUESTION OF VALUE. https://trendasia.org/wp-content/uploads/2023/05/PRINT-BHS-ENG_Draf-Factsheet-Harita-group-IPO-17042023.pdf

Chicago

Trend Asia. Factsheet $NCKL: A QUESTION OF VALUE. n.d. https://trendasia.org/wp-content/uploads/2023/05/PRINT-BHS-ENG_Draf-Factsheet-Harita-group-IPO-17042023.pdf.

Wikipedia

{{cite report |author=Trend Asia |title=Factsheet $NCKL: A QUESTION OF VALUE |url=https://trendasia.org/wp-content/uploads/2023/05/PRINT-BHS-ENG_Draf-Factsheet-Harita-group-IPO-17042023.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{trendasiandfactsheet, author = {{Trend Asia}}, title = {{Factsheet \$NCKL: A QUESTION OF VALUE}}, institution = {Trend Asia}, url = {https://trendasia.org/wp-content/uploads/2023/05/PRINT-BHS-ENG_Draf-Factsheet-Harita-group-IPO-17042023.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }