Danantara and GEM to Develop $1.4 Billion Indonesia Nickel Plant
Danantara, Indonesia's sovereign wealth fund, and GEM Co. Ltd., a Chinese company, have signed a $1.42 billion heads of agreement to develop a battery-grade nickel production plant in Indonesia. The plant, which will be located in Indonesia, is expected to have a production capacity of 50,000 tonnes of nickel per year. The project is part of Indonesia's efforts to develop its domestic nickel processing capabilities and move up the value chain in the electric vehicle battery supply chain. The partnership between Danantara and GEM Co. Ltd. is a significant step in Indonesia's push to become a major player in the global battery and electric vehicle market. The project is expected to create new jobs and contribute to the country's economic development.
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