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 $15 billion for
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 U.S. 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.
Indonesia has similarly ambitious goals - Jokowi said in the interview nickel exports can grow by 200 times from pre-export ban levels of around $1 billion if the country successfully manages to build the electric vehicle ecosystem. 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.
The development of the industry in Indonesia is a pet project for Jokowi. He has taken it upon himself to convince Musk to invest in Indonesia, holding talks with the Tesla chief twice.
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