Chinese CNGR Plans $10 Billion Battery Material Facility in Indonesia

Foreks - Chinese battery material manufacturer CNGR Advanced Material Co plans to establish a $10 billion facility in nickel-rich Indonesia. CNGR Indonesia director Magdalena Veronika stated in a press conference that the investment is expected to take place within 10 to 15 years, and the company is currently searching for a suitable location for the facility. Veronika mentioned that the project has been granted national strategic project status by the government, which will provide certain advantages, including land acquisition. This initiative represents the latest effort by the largest nickel miner in Indonesia, a Chinese-backed firm, to establish a fully integrated battery industry and electric vehicle ecosystem in the country, following the ban on nickel ore exports in 2020.