British consortium to invest USD 9 billion in Indonesia’s mining and EV batteries

Jakarta – A consortium of British companies, including mining giant Glencore, is set to invest approximately USD 9 billion in Indonesia’s mining and electric vehicle (EV) battery sectors, reports said. This move comes as Indonesia, known for having the world’s largest nickel reserves, aims to attract multinational corporations and develop downstream industries that can produce batteries and vehicles for major electric car manufacturers worldwide.

Investment Minister Bahlil Lahadalia did not provide a detailed breakdown of the billion-dollar investment but mentioned that it would be directed toward an industrial park in the Bantaeng region of Sulawesi island, Reuters reported end of May. The park will be powered by wind energy and will be completed by September. The consortium comprises Glencore, Indonesian state miner Aneka Tambang, materials company Umicore, and energy company Envision Group, as confirmed by the Ministry.

Envision and Aneka Tambang have yet to respond to requests for confirmation from Reuters. Glencore, when approached, stated that they do not comment on rumors, while Umicore declined to comment.

In 2020, Indonesia banned the export of unprocessed nickel ore to ensure a stable supply for existing and potential investors. This measure is part of the country’s strategy to attract global EV manufacturers such as Tesla and China’s BYD Group. (nsh)

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