PT Trimegah Bangun Persada, a subsidiary of the Indonesian conglomerate Harita Group, operates the country’s first high-pressure acid leaching smelter on Obi island in North Maluku, producing 60,000 tonnes of contained nickel per year.

Harita Group business conglomerate entity in the mining and nickel downstream sector, PT Trimegah Bangun Persada Tbk (NCKL), aims to achieve revenue growth of 100 percent in 2023 after the company held an Initial Public Operation (IPO) at the Indonesia Stock Exchange (IDX) in April 2023.

On 30 March 2023, the Mining Advocacy Network (JATAM) sent letters to the Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX), urging them to consider the negative impacts of Harita Group's operations before giving them access to the trading floor. In this press release, JATAM outlined the environmental and social risks presented by Harita Group's nickel operations.

In this factsheet, Trend Asia claimed that the Harita Group's mining process was known to have a negative impact on the environment, for example due to the nickel waste disposal process carried out by the Harita Group. In this connection, Trend Asia made the following calls to action:

1. To the Prospective buyers of NCKL shares, to critically question the investment's quality and the investment value, including the underwriters, the Financial Services Authority (OJK), and the IDX.
2. To the NCKL shareholders, to make an in-depth evaluation of their investment portfolio and its contribution to the destruction of nature and people's living spaces and livelihoods, and to be responsible for their contribution.
3. To the underwriters, to seriously review the procedures for due diligence or due diligence on issuers that are assisted in taking the floor on the stock exchange. Many facts were missed in this IPO process, and to be held accountable for its contribution.
4. To buyers of Harita Group products at various levels, to thoughtfully and transparently ensure that the company's supply chain is not entangled with environmental destruction, destruction of living space, and residents' livelihoods, and to be responsible for their contribution.

Business & Human Rights Resource Centre has invited Harita Group, its investors, buyers and IPO underwriters to respond to the above allegations. Their responses or non-responses are outlined below.