INCO - USD10 bn Investment in EV battery nickel

INCO - USD10 bn Investment in EV battery nickel Vale Indonesia (INCO) plans a substantial USD10 bn investment across three projects that are Pomalaa, Morowali, and Sorowako to increase Indonesia's nickel production for electric vehicle (EV) batteries. The funds, sourced internally and through loans, will enhance Indonesia's role as a key supplier for EV battery raw materials. Key projects include Pomalaa's High Pressure Acid Leaching (HPAL) with a USD4.5 bn allocation, the Bahodopi ferronickel project in Morowali with USD2.6 bn investment, and Blok Sorowako with a USD2 bn injection for HPAL construction. The overall goal is to complete these projects by 2026-2027. (Source: Investor Daily)