Indo nickel play/EV proxy - ATM

Some interesting analysis here on Aneka Tambang (ATM.AX), state-owned nickel and gold miner in Indonesia and thought it might be worth sharing for those in the commodities space. The stock has a secondary listing on the ASX, but hardly any liquidity it seems. Similar to all the threads on the stock, hardly any activity or eyeballs, so seeing any of you have come across it.

https://www.pyramidsandpagodas.com/p/aneka-tambang-antmjk-indonesian-nickel

As the episode/post highlights, the company is already one of the worlds largest producers of class 2 nickel, which mainly goes into stainless steel. But its long term value is based off JV plans with global players which will help the company establish class 1 production (for EV batteries) through high pressure acid leeching. I think in Aus there is always a bit of hesitancy around SOEs in emerging markets. There doesn't seem to be significant political interference in the company and management seems pretty professional. If anything, the company should benefit from state ownership by getting priority access to mining concessions and cutting red tape for project kick off.With all the current turbulence in nickel markets, the good thing about this company is that they derive most revenues from gold production (although most profit is already from nickel), shoring them up a bit against recession risk. May or may not be an interesting commodities play offshore. Wider blog also picks up some cool investment ideas across other emerging markets.