- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
British Consortium to Invest $9 Bln in Indonesia Mining, EV Batteries, Minister Says
"The investment is about $9 billion if it is according to plans. If we can speed it up we'll do it," Investment Minister Bahlil Lahadalia told reporters.
SOURCE:REUTERS
(Adds state battery company comment in paragraph 9, Umicore declining to comment in paragraph 7)
JAKARTA, May 31 (Reuters) - A British consortium that includes mining giant Glencore will invest about $9 billion in Indonesia's mining and electric vehicle (EV) battery sectors, a minister said on Wednesday, as the resource-rich country tries to lure a host of multinational firms.
Indonesia, which has the world's biggest nickel reserves, is keen to develop downstream industries with the ultimate aim of producing batteries and vehicles for the world's biggest electric car manufacturers.
Investment Minister Bahlil 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.
The ministry confirmed the British consortium included firms such as Glencore, Indonesian state miner Aneka Tambang, materials company Umicore and energy company Envision Group.
Envision and Aneka Tambang did not immediately respond to a request for confirmation.
A spokesperson for Glencore said the firm did not comment on rumors.
Umicore declined to comment.
"The investment is about $9 billion if it is according to plans. If we can speed it up we'll do it," Bahlil told reporters.
Toto Nugroho, chief executive of state battery company Indonesia Battery Corporation, said the investment was expected to help Indonesia 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 while it also tries to lure global EV makers such as Tesla and China's BYD Group. (Reporting by Stanley Widianto and Stefanno Sulaiman; Editing by Martin Petty and Emelia Sithole-Matarise)
- Electric Vehicles Need Battery Metals Mining, Investing Opportunities Ahead ›
- Top 11 Battery Metals Stocks on the TSX and TSXV in 2023 ›
- How to Invest in Battery Metals (Updated 2023) ›
The Beginner’s Guide to Investing in Battery Metals
Ready to invest in battery metals? Our beginner's guide makes it simple to get started
Download your investing guide today.
Learn About Exciting Investing Opportunities in the Battery Metals Sector
Your Newsletter Preferences
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.Â