Indonesia began to build the world's largest nickel plant

Indonesian nickel producer Vale Indonesia has started construction of the world's largest nickel plant. This was announced by the director of the company Febriani Eddy. 

The plant will be engaged in the production of nickel minerals used in electric vehicle batteries. The project is expected to be completed by the end of 2025. The total volume of investments in the construction of the enterprise currently amounts to $4.29 billion.

It is reported that the new plant will have a production capacity of up to 120 thousand tons of nickel per year, which will make it the largest in the world. The Chinese company Zhejiang Huayou Cobalt is also involved in the project. According to the plan, the production will be located in a nickel-rich region on the island of Sulawesi in Indonesia. 

Back in October, Indonesian Investment Minister Bahlil Lahadalia announced that the country was exploring the possibility of creating a cartel like OPEC for the market of nickel and other key metals used for batteries.