According to the statement from Indonesia’s minister, a British consortium, including mining giant Glencore, will invest about US$9 billion in Indonesia’s development of mining and electric vehicle (EV) battery sectors.

Indonesia owns the largest nickel resource in the world and is developing downstream industries. Its ultimate goal is to become the world’s leading electric car manufacturer.

Indonesia has prohibited unprocessed nickel ore exports since 2020 in order to attract existing and potential investors.