Indonesia Nickel Boom

Indonesia has two of the world’s largest reserves of nickel. A decade ago, the government banned the export of raw nickel ore to capture more of the high margin market for metal processing and battery making. There is a huge rush to build nickel processing facilities throughout Indonesia and the US, China, and South Korea are all getting involved in partnerships to build and run these facilities.
Nickel extraction involves use of high temperatures to extra nickel from ore. The smelting process creates nickel pig iron which can be used in the production of stainless steel. In contrast to using heat, chemicals can be used to extract the nickel using acids like sulfuric acid to dissolve the nickel and create crystals.
Harita Nickel raised $700 million at IPO which puts its value at around $5 billion.
Chinese firms dominate green energy sectors from critical mineral refining to the making of batteries and solar panels.
In March, Ford partnered with PT Vale Indonesia to build a $4.5 billion nickel processing plant in Indonesia. There was an additional partner that was a Chinese firm.
South Korean firms have began construction of a smelting facilities and nickel processing plants with Chinese partners as well.
Works Cited:
https://www.cnbc.com/2023/04/12/harita-nickel-indonesias-biggest-ipo-this-year-debuts-higher.html
https://www.economist.com/business/2023/04/13/indonesias-nickel-boom-tests-western-green-sensibilities
https://www.reuters.com/markets/commodities/vale-indonesia-chinas-huayou-sign-agreement-with-ford-nickel-plant-2022-07-21/
https://www.reuters.com/markets/deals/harita-nickel-indonesias-biggest-ipo-this-year-debuts-higher-2023-04-12/