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[Alpha Biz=(Chicago) Reporter Kim Jisun] A battery consortium led by LG Energy Solutions said it will build a cathode material plant in Indonesia by the end of this year. Led by POSCO FutureM, which participates in the consortium, the company plans to start construction of an anode material plant with an annual production capacity of 30,000 tons as early as this year.
According to the Indonesian Investment Ministry, Indonesian Investment Minister Baril Lahadalia held a meeting on the 3rd with consortium officials, including LG Energy Solutions Vice Chairman Kwon Young-soo, to discuss battery investment.
Indonesian Ambassador to Korea Gandhi Sulistiyanto, PT Antam Chairman Nico Kanter and Indonesia Battery Corporation (IBC) also participated in the meeting.
LG Energy Solutions is a representative company of a large consortium jointly participated by LG Chem, Huayu Cobalt, LX International, POSCO Future M, Indonesian company Antam and IBC.
The companies participating in this consortium are jointly promoting large-scale battery investment in Indonesia. Each company's equity ratio and investment amount are still under discussion.
The consortium will push for a large-scale battery project worth up to $9.8 billion (about 12.8 trillion won).
Not only does Indonesia have a fast-growing electric vehicle market, but it is also a resource-rich country with about 25% of the world's reserves of battery core mineral nickel.
The LG consortium will be joined by LX International, which has been seeking to acquire a nickel mine in Indonesia, Chinese mineral company Huayu Cobalt, and anode material companies LG Chem and POSCO Future M.
These companies are expected to build nickel refineries, precursor, cathode materials and cathode materials plants.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
