China’s GEM and Vale Plan $1.42 Billion Indonesian Nickel Plant

Bloomberg

2024-11-11

(Bloomberg) -- GEM Co., a Chinese battery-metal producer, and Vale SA’s Indonesian unit signed an agreement to build a $1.42 billion nickel plant in the Southeast Asian nation, highlighting the country’s drive to boost processing.

The two companies signed a framework agreement for a high-pressure acid leach facility on Sunday, GEM said in a filing. The project on Sulawesi island will process nickel laterite ore from the Vale unit into 66,000 tons of mixed hydroxide precipitate annually. That’s a form of nickel aimed at automakers.

Indonesia accounts for more than half of global nickel production and has been wooing overseas investment in its processing industry to tap booming demand for electric-vehicle batteries. The deal was among agreements signed by Chinese and Indonesian firms in connection with a state visit to China by Indonesia’s new president, Prabowo Subianto.

GEM will own up to a 25% stake in the project, the Vale unit will take 30%, and a third party will be introduced for the remainder. GEM and the Vale unit will also consider building downstream anode and precursor plants.

©2024 Bloomberg L.P.

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