Furnace slag skimming at a nickel plant operated by PT Vale Indonesia in Sorowako, South Sulawesi, Indonesia, on Saturday, June 11, 2022. Photographer: Dimas Ardian/Bloomberg
© 2022 Bloomberg Finance LP
Sovereign wealth fund, Danantara Indonesia, has agreed to invest in the $1.4 billion nickel smelting facility being developed by Chinese battery maker GEM and Brazilian miner Vale in Central Sulawesi in eastern Indonesia.
The new high-pressure acid leaching smelter will produce 66,000 tons of nickel in mixed hydroxide precipitate each year when completed, using nickel ore from Vale Indonesia’s mines.
“By joining forces with a global pioneer in green metallurgy, we are advancing the country’s downstream agenda while ensuring sustainability and innovation remain at the forefront,” Rosan Roeslani, CEO of Danantara Indonesia said in a statement.
Danantara is investing in Indonesia’s nickel industry, the world’s biggest supplier of the raw material used to make batteries for electric vehicles, as the fund seeks to raise 50 trillion rupiah ($3 billion) by selling so-called Patriot Bonds to Indonesian companies.
Since its inception earlier this year, Danantara has provided financing for cash-strapped national airline Garuda and invested in billionaire Prajogo Pangestu-backed Chandra Asri Pacific’s $800 million chemical plant project near Jakarta.
Source: https://www.forbes.com/sites/yessarrosendar/2025/08/28/danantara-to-invest-in-vale-gems-14-billion-nickel-project-in-indonesia/
