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.
According 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 (Antam) as well as battery maker PT Industri Baterai Indonesia (IBC), has been inked.
“It’s been signed. (The deal is worth) around US$420 million, so even though nickel prices have slightly dropped, I think progress has been made. It will be announced on December 28,” he was quoted as saying by CNBC Indonesia during an online press conference last week.
The development follows on that from last year, when CBL – a subsidiary of Chinese battery giant Contemporary Amperex Technology Limited (CATL) – signed a framework agreement with Antam and IBI to develop an EV battery integration project in Indonesia, covering nickel mining, EV battery materials, EV battery production and battery recycling.
Initially estimated at nearly US$6 billion (RM27.7 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.
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Very smart of them. Mining buat kat negara orang and call an investment.
Habeslah Madani dah gagal!
Anwar menang, Indonesia senang
Anwar should just tukar citizenship and become Indon PM. Leave us alone!
Rm77biliyun REE kat Kedah.. kite tk kecoh pon
Sapelah nak kecoh ttg MOU saje. Padahal Indon dapat conlanfirm contract tuu. Malu siot Madani!
Should indon be concern with poor people living nearby have to face the consequences? Pak jokowi do nothing to help those poor souls
The poor there will able to work in these high tech factories. If keep under Madani soon we will have to go over there to work in their factories.
Could c clearly what is happening around us, neighbours attracting foreigners n we (uneducated /unethical pple) making havoc unnecessary to eliminate foreigners (keep in mind foreigners (investors) always analyse mkt and c where labor laws r follows and labor give respect) here we have uneducated one, so call from 2 races kacau left and right to discourage to go out from Malaysia bez his kopi Manis Kurma flop miserably so he kacau left n right to get famous and later make party to so call protect Malay rights
Disgusting
Neighboring countries have minerals and natural resources. Mesia have weak gomen, racial politics and abundance of illegal immigrants. Not difficult choice innit?
Keep that mindset so eventually you will deport from Malaysia soon. Adios
As expected from u low profile
For once I’m glad this “investment” goes to other country. Most of the time mining companies will leave behind trail of destruction that lasted for generations if not forever. Let alone China’s company that have track records that even “f**ked up” their own environment beyond repair in their own land.
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.
Any agent to help apply visa to go indon and work?
We used to brag we have indon maids and laborers now we are applying to work in indon