IBC-Antam to Partially Own CATL's Battery Project

Summary

Indonesia Battery Corporation (IBC) and PT Aneka Tambang Tbk (ANTM) are still finalizing the partnership with Contemporary Amperex Technology Co. Ltd (CATL) to develop an electric vehicle (EV) battery ecosystem in Indonesia. Antam and IBC will be minority shareholders in the joint venture that will be formed. "From the mining side, Indonesia will have a majority stake. From the downstream to the recycling sector, IBC and Antam's shares will be minor but quite significant, above 30-40 percent," Indonesia Battery Corporation (IBC) president director Toto Nugroho, quoted by CNBC Indonesia.

The Chinese battery company will expectedly inject up to US$5.97 billion into the project, most of which will go to the mining and infrastructure sectors. Around US$1.5 billion-US$2 billion will be allocated for smelters, nickel ore processing, and chemical plant to turn the ore into nickel sulfate, while around US$1.5 billion is for a battery factory with a capacity of 15 Gigawatt hours (GWh). Part of the remaining investment is used to recycle batteries into raw materials.

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