JAKARTA — Armed with the world's largest reserves of nickel and a ban on the export of nickel ore, Indonesia is making itself indispensable for the electric vehicle industry, which uses the metal extensively. In just three years, Indonesia has signed more than a dozen deals worth more than US$15 billion (S$19.9 billion) for battery and electric vehicle production in...
A salesman speaks about the Wuling Air EV electric car to visitors at a shopping mall in Jakarta, Indonesia, Feb 5, 2023.JAKARTA — Armed with the world's largest reserves of nickel and a ban on the export of nickel ore, Indonesia is making itself indispensable for the electric vehicle industry, which uses the metal extensively.
Indonesia has a total of 21 million tonnes in proven reserves with nickel content, according to the US Geological Survey. That is nearly a quarter of the world's reserves. Indonesia is expected to account for half of the global production increase in nickel between 2021 and 2025, according to the International Energy Agency, as demand for electric vehicles surges. Each vehicle uses up to 40 kg of nickel.
Brazilian mining company Vale has predicted a 44 per cent jump in nickel demand by 2030 from 2022 levels due to high demand for batteries meant for electric vehicles. Last week, Jokowi said he has even offered Tesla a nickel mining concession and tax breaks to invest in the country, and that he was confident a deal would be finalised.
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