POSCO to Build US$441 Mln Nickel Smelter in Halmahera

By Editorial Team 04/05/2023
Smelter
Summary

POSCO Holdings Inc will spend US$441 million to build a nickel smelter in Indonesia as part of the plan to secure the supply chains of the key secondary battery material.

The facility will be located in the Weda Bay industrial park on the northeastern island of Halmahera, North Maluku. It is expected to produce nickel matte, an intermediate product used in making battery-grade nickel, the South Korean steel giant said in a release as quoted by Yonhap News.

Once it enters commercial operations, the smelter will be capable of producing 52,000 tons of nickel intermediates a year for the production of batteries that can power 1 million electric vehicles (EVs).

The project is part of POSCO's plans to strengthen the sourcing of EV battery components by expanding investments in nickel mining and refining facilities through potential joint ventures and other forms of partnerships. POSCO aims to produce 200,000 tons of nickel and 300,000 tons of lithium a year by 2030.

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