BASF, Eramet Plan $2.6 Billion Nickel Smelter in Indonesia
- Indonesia seeks to tap global demand for battery metal
- Tesla, BYD are finalizing deals to build EV plants in nation
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BASF SE and Eramet SA plan to spend as much as $2.6 billion building a nickel-cobalt refinery in Indonesia, expanding a wave of investment in the Southeast Asian nation aimed at feeding growing demand from electric vehicles.
The project, known as Sonic Bay, will produce about 67,000 tons of nickel and 7,500 tons of cobalt a year, Indonesia’s Investment Ministry said in a statement. The two companies expect to finalize an agreement on the plant in the first half of this year, the statement cites BASF’s Chief Executive Officer Martin Brudermüller as saying.