New Energy

Indonesia’s Mining, EV Battery Plans Get $9 Billion Boost

 

Indonesia’s mining and electric vehicle (EV) battery sectors will receive a $9 billion boost from a British consortium, which will include mining giant Glencore, the resource-rich country’s top minister said on Wednesday.

Home to the world’s biggest nickel reserves, Indonesia has been working to lure a host of multinational firms as it looks to capitalise on rising demand for batteries and EVs.

“The investment is about $9 billion if it is according to plans,” the country’s Investment Minister Bahlil Lahadalia told reporters.

 

Also on AF: Indonesia Keen to Sign Trade Deal With US on Key Minerals

 

The ministry confirmed the British consortium included firms such as Glencore, Indonesian state miner Aneka Tambang, materials company Umicore and energy company Envision Group.

Lahadalia did not provide a breakdown of the $9 billion but said it would go into an industrial park in the Bantaeng region on Sulawesi island powered by wind energy, with a completion target of September.

“If we can speed it up we’ll do it,” Lahadalia added.

Toto Nugroho, chief executive of state battery company Indonesia Battery Corporation, said the investment was expected to help the country enter the British and European markets.

Indonesia’s government has banned exports of unprocessed nickel ore since 2020 to ensure supply for existing and potential investors.

At the same time, the country is keen to develop downstream industries with the ultimate aim of producing batteries and vehicles for the world’s biggest electric car manufacturers, including Tesla and BYD.

 

  • Reuters, with additional editing by Vishakha Saxena

 

Also read:

Indonesia Looks to Boost its EV industry With New Incentives

Indonesia Confirms Tesla Talks as Gigafactory Plan Rumoured

Indonesian Exports Could Hit $280bn as Nickel Shipments Rise

Indonesia Eyes $320-Million Incentive Plan to Boost EV Sales

 

Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at vishakha.saxena@asiafinancial.com

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