Editor’s Note
This article reports on a significant $1.42 billion investment by Indonesia’s sovereign wealth fund, Danantara, in a battery-grade nickel plant being developed with Chinese firm GEM and PT Vale Indonesia. The deal underscores the strategic importance of Indonesia’s nickel resources in the global electric vehicle supply chain.
Danantara to Invest in Vale-GEM’s $1.4 Billion Nickel Plant
By Chandra Asmara and Eddie Spence
Indonesian sovereign wealth fund Danantara has signed a $1.42 billion heads of agreement with Chinese company GEM Co. Ltd. to invest in a battery-grade nickel plant.
“The high-pressure acid leach facility, which GEM is currently building with PT Vale Indonesia in Sulawesi, will produce 66,000 tons of nickel in mixed hydroxide precipitate a year,” Danantara said in a statement on Wednesday.
Other global partners may join in the project, the statement said.