British Consortium to Invest USD 9 Billion in Indonesia

Jun 2023

Reuters recently reported that a British consortium that includes mining giant Glencore is set to invest about USD 9 billion in Indonesia’s mining and electric vehicle (EV) battery industry, as the resource-rich country tries to attract a host of multinational firms to set up operations locally.

In effect, Indonesia boasts the world’s biggest nickel reserves, and the country wants to develop downstream industries with the ultimate objective of producing batteries and vehicles for the world’s leading electric car manufacturers.

Indonesia’s Investment Minister revealed that the USD 9 billion will be allocated into an industrial park in the Bantaeng region on Sulawesi Island powered by wind energy, with a completion target by September 2023.

The ministry also confirmed that the British consortium includes Glencore, as well as Indonesian state miner Aneka Tambang, and materials company Umicore and energy company Envision Group.

This investment is expected to help Indonesia enter the British and European markets. In 2020, Indonesia’s government prohibited the export of unprocessed nickel ore in order to ensure supply for companies operating in the Southeast Asian country, while aiming to attract global EV makers such as Tesla.

(Sources: The Business Times; Reuters)

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