TOKYO -- Sumitomo Metal Mining will spend over 200 billion yen ($1.77 billion) to set up a nickel smelter in Indonesia to meet strong demand for the metal used in electric car batteries.
Nickel is an essential part of the lithium-ion batteries that power electric vehicles, and demand for it is rising globally. Rivals from China have been increasing investment in Southeast Asia, where nickel production is concentrated, to secure stable supplies of the metal.
