A British consortium that includes Glencore (GLEN.L) will spend $9 billion in Indonesia’s mining and electric vehicle (EV) battery sectors, a minister said on Wednesday, as the resource-rich nation seeks to attract multinational corporations.
Indonesia, which possesses the world’s largest nickel reserves, wants to create downstream businesses to make batteries and automobiles for the major electric car manufacturers.
Investment Minister Bahlil Lahadalia said the $9 billion would be used to build a wind-powered industrial park in Bantaeng, Sulawesi, by September.
The ministry said the British collaboration includes Glencore (GLEN.L), Aneka Tambang, Umicore, and Envision Group.
Umicore, Envision, and Aneka Tambang (ANTM.JK) did not respond to confirmation requests.
Glencore’s representative declined to comment on rumors.
The planned investment is $9 billion. “We’ll speed it up,” Bahlil said.
Indonesia has banned unprocessed nickel ore exports since 2020 to assure supply for investors and attract global EV makers like Tesla (TSLA.O) and China’s BYD Group.
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