Eramet, BASF abandon Indonesia nickel-cobalt refining project [Yahoo! Finance]
ERAMET SA UNSP/ADR (ERMAY)
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Source: Yahoo! Finance
In 2020, Eramet and BASF signed an agreement to explore the feasibility of constructing the refinery, aimed at bolstering the nickel EV battery value chain in the region. The two companies decided to discontinue the project, which would have involved an investment of $2.6bn (€2.42bn) to build the nickel-cobalt refinery, due to slower sales growth for EVs in the South East Asian nation, according to a Bloomberg report. Despite the setback, Eramet remains committed to evaluating other potential investments in Indonesia's nickel sector for EV batteries and intends to keep stakeholders updated on any developments. The German company, on the other hand, has stated that it will cease all ongoing activities related to the Weda Bay project. BASF Catalysts division president Dr Daniel Schönfelder said: “A secure, responsible and sustainable supply of critical raw materials for the production of precursor cathode active materials, which may also originate from Indonesia, remains crucia
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