LG Energy Solution to build nickel processing units in Indonesia
Category: #headlines  | By Mateen Dalal  | Date: 2022-06-09 |
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

LG Energy Solution to build nickel processing units in Indonesia

South Korean storage battery manufacturing company LG Energy Solution (LGES) announced its plans to build nickel processing facilities in Indonesia, under its $9.8 billion investment in the country to boost the production of electric vehicle batteries.

Reportedly, LGES officials briefed the Indonesian President Joko Widodo on the company’s plans to establish a smelter worth $3.5 billion with a production capacity of 150,000 tonnes of nickel sulfate every year, during the ceremony in Central Java’s Batang industrial park.

In addition to this, the company will also set up a $2.4 billion factory in Batang park with an aim of producing 220,000 tonnes of precursor and 42,000 tonnes of cathode annually.

LGES intends to leverage the above-mentioned establishments to source the key raw material required for its 200 gigawatt-hours battery cell facility to be built in the industrial area of Karawang in West Java for $3.6 billion.

LGES President, Lee Bang-Soo stated that the company will finalize a deal with the state miner of Indonesia Aneka Tambang (Antam) regarding investment in a $300 million worth nickel mine to produce nickel ore volumes of up to 16 million tonnes.

According to the Indonesian president, the country is home to the world’s largest nickel reserves and envisions emerging as a leading manufacturer of nickel-based products.

Back in 2020, Indonesia restricted nickel export in line with its plans to attract foreign investment to boost the development of the country’s downstream industry.

Joko Widodo intends to replicate the same strategy for maximizing utilization of its other natural resources, for instance, ceasing exports of unprocessed bauxite and tin to entice external investments into the native market.

Meanwhile, LGES has remained proactive in exploring the full potential of the Indonesian landscape to ramp up its EV battery production. An example for the same is its partnership with Hyundai Motor Group in September 2021 to commence the construction of a $1.1 billion plant in Bekasi, West Java.

Source Credit: https://money.usnews.com/investing/news/articles/2022-06-08/s-koreas-lg-energy-solution-launches-nickel-processing-plants-in-indonesia

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal     twitter

Mateen Dalal

A qualified electronics and telecommunication engineer, Mateen Dalal embarked on his professional journey working as a quality and test engineer. Harnessing his passion for content creation however, Mateen pens down industry-rich articles for ReportsGO.com and a few o...

Read More..

More News By Mateen Dalal

Microsoft investigates Teams and Outlook outage that left users disrupted

Microsoft investigates Teams and Outlook outage that left users disrupted

By Mateen Dalal

Microsoft, the U.S.-based technology frontrunner, reportedly investigating an outage that prevented thousands of customers from accessing services like Teams and Outlook. Apparently, the tech giant did not disclose the number of users that were im...

UK: Budget & basic items’ cost in supermarkets soar 20.3% in December

UK: Budget & basic items’ cost in supermarkets soar 20.3% in December

By Mateen Dalal

Britishers who rely on the budget-friendly aisles of supermarkets reportedly saw the biggest increases in food prices in the months leading up to Christmas, significantly outpacing those for luxury as well as premium brands, as per a survey. Accor...

Sun Cable shuts as $21B solar project to power S’pore hangs in balance

Sun Cable shuts as $21B solar project to power S’pore hangs in balance

By Mateen Dalal

Sun Cable, the Singapore-based solar energy company, has reportedly entered voluntary administration, despite the financial support it received from billionaire investors. The company was supposed to be working on a A$30 billion (US$21 billion) solar...