ASIATODAY.ID, JAKARTA – Chinese electric vehicle battery company Ningbo Contemporary Brunp Lygend Co Ltd (CBL) has agreed to invest capital in Indonesia.
Contemporary Amperex Technology Co. group of companies. Limited (CATL) has agreed to invest $420 million.
The Coordinating Minister for Maritime Affairs and Investment of the Republic of Indonesia, Luhut Binsar Pandjaitan, said that an official announcement regarding the investment is planned to be made next week, to be precise on December 28 2023.
“They have agreed on approximately $420 million. Even though the price of nickel has fallen slightly, I think this is a breakthrough. It will be announced on December 28,” said Luhut in an online press conference for the 2023 Performance Evaluation towards Indonesia Gold 2045, Friday, December 22 2023.
Previously, CATL Group through PT Ningbo Contemporary Brunp Lygend Co, Ltd. (CBL), has made an investment commitment with a consortium of Indonesian State-Owned Enterprises, namely the Indonesia Battery Corporation (IBC), to develop an integrated electric vehicle (EV) battery project from upstream to downstream.
CBL and PT Aneka Tambang Tbk. (Antam) will form a joint venture on the upstream side of the mine. In this process, Antam will divest 49% of its shares in the nickel mining concession managed by their subsidiary, PT Sumberdaya Arindo, to a subsidiary controlled by CBL, Hong Kong CBL Limited (HKCBL).
IBC President Director Toto Nugroho revealed that the cooperation agreement between Antam and CATL on the upstream side of the mine has entered the final stage. This share sale and purchase transaction will mark the realization of CATL’s investment in battery projects, starting from mining, smelting, production of cathode precursors, battery cells, to battery packs.
“With CATL in the final stages, December 10 is the point where they will cash in upstream so that they officially start the process from the mine to the downstream,” said Toto in a hearing with Commission VII DPR RI last November. (AT Network)
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