26 Billion USD! France and Germany's Joint Investment in Indonesian Nickel Project Cancelled

French mining company Eramet announced on Monday that, together with German BASF, they have decided to cancel the joint investment project of 26 billion USD for the nickel-cobalt refinery plant in Indonesia's Weda Bay.

In a press release, Eramet stated: "After a thorough assessment, including discussions on the project execution strategy, both parties have decided not to proceed with this investment. Eramet will continue to evaluate potential investments in the Indonesian nickel electric vehicle battery value chain and will inform the market at the appropriate time."

In January 2023, Indonesian officials had indicated that Eramet and BASF from France were on the verge of finalizing a 26 billion USD investment for the production of nickel used in electric vehicle batteries. The project was based on resources extracted from the Weda Bay mine.