• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 24 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 10 days Bankruptcy in the Industry
The Oil Price Rally Has Stalled... For Now.

The Oil Price Rally Has Stalled... For Now.

Oil prices have been climbing…

Consortium To Invest $9 Billion In Indonesia's Mining And Battery Industries

A consortium of companies, including mining giant Glencore, is poised to invest $9 billion in the mining and battery-manufacturing sectors in Indonesia, Investment Minister Bahlil Lahadalia said on Wednesday.

"The investment is about $9 billion if it is according to plans. If we can speed it up we'll do it," Reuters quoted the minister as saying, as Indonesia looks to attract foreign firms to invest in the production of batteries for electric vehicles.

The $9-billion investment will go into an industrial park on the island Sulawesi, and is expected to be completed in September and to be powered by wind energy, Lahadalia added.

Indonesia's investment ministry confirmed to Reuters that the consortium would include Glencore, Indonesia's state mining firm Aneka Tambang, materials company Umicore, and energy company Envision Group.

Glencore told Reuters it did not comment on rumors.

Indonesia, the world's biggest nickel miner, has been looking to develop nickel processing industries and ultimately produce batteries for EV manufacturers and is eager to attract foreign companies for those ventures.

Indonesia has the laterite type of deposits of nickel, which is lower-grade and requires additional energy-intensive processing to become battery-grade nickel, the International Energy Agency (IEA) said in a July 2022 report, Global Supply Chains of EV Batteries. 

At the end of last year, Indonesia said it was considering the idea of forming a cartel to manage the supply of nickel and some other key battery metals, similar to what OPEC does for oil.

"I do see the merit of creating Opec to manage the governance of oil trade to ensure predictability for potential investors and consumers," Indonesia's Lahadalia told the Financial Times in an interview at the end of October.

"Indonesia is studying the possibility to form a similar governance structure with regard to the minerals we have, including nickel, cobalt and manganese," the minister added.  

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News