SMM1, March 15: it is reported that Indonesia has approved an environmental impact study report on the production of battery-grade nickel chemicals at the Pacific Rim Cobalt Industry Co., Ltd.'s high-pressure acid leaching plant in (Morowali), Morowali County.
The plant, set up by partners including Chinese stainless steel giant Aoyama Group and Greenmei (GEM Co Ltd), cost $700m.
The news will spur investors, including Aoyama Group, to continue to build high-pressure acid leaching plants in Morowali County.
Some of the trends in the electric vehicle sector in 2019 have laid the foundation for future growth in all areas of the electric vehicle supply chain and could further stimulate Indonesia to take advantage of 25 per cent of its global nickel reserves. Indonesia is expected to spend $20 billion on new nickel processing plants by 2024.
At least five factories are under construction in Indonesia, mainly because the Indonesian government wants to take advantage of its rich nickel resources to build a complete industry, from battery-grade nickel chemicals to electric vehicles.
Indonesian City Minister Luhut Pandjaitan has said that Indonesia will become a major manufacturer of lithium batteries and will dominate the global market.
Pacific Rim Co., Ltd. is an exploration company headquartered in Vancouver, Canada, specializing in the acquisition and development of industrial grade cobalt ores required by the growing lithium-ion battery industry. The company believes that cobalt, as one of the important raw materials for lithium-ion batteries, will be the next dominant investment theme. At present, the global cobalt market is in short supply and the supply chain is fragile. Cobalt, as a part of the emerging industry, will have great potential for development.
The company was listed on the Canadian Stock Exchange (CSE) on October 25, 2017. The company's flagship project is the TNM project in West Papua Province, Indonesia.
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