JAKARTA -- Indonesia is inching toward building an industry to supply nickel for batteries and electric vehicles. The government last month acquired a major stake in a nickel miner, following basic agreements with top South Korean and Chinese battery makers for domestic joint ventures totaling $12 billion. It is also looking to eventually become a regional hub for manufacturing electric vehicles, starting with a future partnership with Hyundai Motors.
The chain begins with Indonesia's nickel reserves, the world's largest. Recently, state-owned holding company Mind Id, previously known as Inalum, acquired a 20% stake in nickel miner Vale Indonesia, the country's largest nickel producer by output, for 5.52 trillion rupiah ($374 million).
