Chinese EV battery company Ningbo Contemporary Brunp Lygend (CBL) has agreed to invest $420 million in Indonesia’s nickel mining and EV battery manufacturing industries.

Coordinating Maritime and Investment Affairs Minister Luhut Binsar Panjaitan said that CBL has partnered with state-owned diversified miner PT Aneka Tambang (Antam) and battery maker PT Industri Baterai Indonesia (IBC). CBL is a consortium and a subsidiary of China’s Contemporary Amperex Technology (CATL). The collaboration between Antam and CBL aims to develop and operate an industrial zone for the EV battery ecosystem in East Halmahera, North Maluku.

“It’s been signed. [The deal is worth] around $420 million, so even though nickel prices have slightly dropped, progress has been made,” Luhut said during an online press conference.

Source: Jakarta Post