Jakarta. Integrated nickel mining company Trimegah Bangun Persada, known as Harita Nickel, has increased its stake in Gane Tambang Sentosa on Obi Island to 99 percent for Rp 7.9 billion ($509,000).

The acquisition will increase Harita’s nickel reserves to 302 million tons, making it the fifth-largest Indonesian nickel miner by proven deposits, the company said in a statement on Friday.

Gane Tambang Sentosa has been awarded the concession over 2,314 hectares of mining areas on the island in North Halmahera regency, North Maluku province, valid until 2040. 

Harita (NCKL) previously held a 70 percent stake in Gane Tambang Sentosa.

The overall cost of the acquisition is put at Rp 48.8 billion.

Harita has four subsidiaries and together they generated Rp 17.3 trillion ($1.1 billion) in sales revenue in the last three quarters of the year, representing a 135 percent surge from the same period last year.

The group booked a net profit of Rp 4.5 trillion ($290 million) as of September 30, a 24 percent rise on the net profit recorded in the same period last year.