South Korea’s LG Energy Solution broke ground on Wednesday at a nickel processing plant in Indonesia as part of the company’s $9.8 billion plan to produce electric vehicle batteries in Indonesia.
LG New Energy executives told Indonesian President Joko Widodo at a ceremony at the Batang Industrial Park in Central Java province that the company will build a $3.5 billion smelter with an annual output of 150,000 tons of nickel sulfate.
The company will also build a US$2.4 billion plant in the Batang Industrial Park to produce 220,000 tons of precursors and 42,000 tons of cathodes per year. This will provide key raw materials for the company’s planned $3.6 billion 200 GWh battery plant in the industrial town of Karawang in West Java province.
LG New Energy will sign an agreement in September with Indonesian state-owned miner Aneka Tambang (Antam) to jointly invest in a $300 million nickel mine on the eastern island of Halmahera to produce 16 million tons of nickel ore, said Lee Bang-Soo, president of LG New Energy.
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