Chinese battery company Ningbo Contemporary Brunp Lygend (CBL) is set to invest US$420 million (RM1.94 billion) in Indonesia’s nickel mining and EV battery manufacturing industries, the Jakarta Post reports.
Chinese battery company Ningbo Contemporary Brunp Lygend is set to invest US$420 million in Indonesia’s nickel mining and EV battery manufacturing industries, theAccording to the country’s coordinating maritime and investment affairs minister Luhut Binsar Panjaitan, the deal, which will see CBL investing in a joint venture project with state-owned diversified miner PT Aneka Tambang as well as battery maker PT Industri Baterai Indonesia , has been inked.
“It’s been signed. around US$420 million, so even though nickel prices have slightly dropped, I think progress has been made.
Initially estimated at nearly US$6 billion , the project with CBL is expected to progress faster than a planned project with South Korea, Antam’s president director Nicolas D. Kanter said. This was because of existing connections and a signed conditional share purchase agreement between Antam and Hong Kong based CBL, he said earlier this year.Anthony Lim believes that nothing is better than a good smoke and a car with character, with good handling aspects being top of the prize heap.
The battery production plant is probably just a side investment in order to have the mining rights, don’t expect transfer of knowledge or anything big coming from it.
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