Eramet and BASF Cancel Joint Investment in Indonesia's Nickel and Cobalt Refinery Project
Jun 26, 2024
According to news on June 24, French mining company Eramet announced on Monday that it has decided together with Germany's BASF to cancel the joint investment project of $2.6 billion for the Weda Bay nickel and cobalt refinery in Indonesia.
In a press release, Eramet stated: "After 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 nickel electric vehicle battery value chain in Indonesia and will inform the market at the appropriate time."
In January 2023, Indonesian officials had stated that France's Eramet and BASF were about to finalize a $2.6 billion investment for the production of nickel used in electric vehicle batteries. The project was based on resources extracted from the Weda Bay mine.
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