Chinese battery firms team up for $700m nickel joint venture in Indonesia

Chinese battery firms team up for $700m nickel joint venture in Indonesia

A worker watches as trucks load up raw nickel near Sorowako, Indonesia's Sulawesi island, January 8, 2014. REUTERS/Yusuf Ahmad/File Photo

Chinese battery firm GEM Co Ltd on Friday said it was teaming up with four companies to invest a total of $700 million in a project to produce battery-grade nickel chemicals in Indonesia.

The investment comes as several global metals producers have also set their sights on Indonesia’s nickel reserves, looking to tap an expected surge in demand for the battery metal from the electric vehicle sector.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter