SMM, Sept. 25 / PRNewswire-FirstCall-Asianet /-recently, Indonesian Maritime Coordination Minister Panjetan pointed out in a written statement that LG Chemical's investment plan will support the development of electric vehicles in Indonesia because the nickel content in electric vehicle batteries is less than 1.4%. At present, nickel mines with nickel content of less than 1.4% in Indonesia are still exported to foreign countries.
According to public data, Indonesia is rich in nickel resources, with proven nickel reserves of 1 billion tons in 2000, of which the content of nickel is 13 million tons, ranking fifth in the world. Indonesia, which signed a work contract with the Canadian Mining Company in the mid-1970s, began mining two large nickel mines in Sulawesi and has since become an important producer of nickel. In 2004, the output of nickel ore was about 4 million tons and the export was about 3.25 million tons.
"earlier, LG Chemical said that LG decided to set up a lithium battery plant in Indonesia after learning of Indonesia's plan to ban the export of nickel mines since January 2020, taking into account the rising trend of nickel prices in the global market." Panjetan recently said.
LG is a solid leader in global power battery shipments, and LG Chemistry has begun a large-scale layout around the world in the past two years.
LG Chemical has reported a number of expansion reports, building a second battery plant in the United States and stepping up the expansion of the Nanjing plant. It is reported that the Nanjing factory will achieve mass production in October this year. Nanjing plant plans to invest a total of US $2 billion, is expected to achieve full production in 2023, annual production capacity of 32GWh.
At the end of 2018, LG Chemical also announced plans to invest another $577 million (3.9 billion yuan) to expand its Polish plant, increasing its annual battery production to 70GWh.
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