GEM Co and Vale SA to Establish Nickel Processing Facility in Indonesia

Forex - Chinese battery-metal producer GEM Co and Vale SA's Indonesian unit have signed an agreement to establish a nickel processing facility in Indonesia with an investment of $1.42 billion. Indonesia accounts for more than half of the world's nickel production and is attempting to attract foreign investments into its processing industry to meet the growing demand for electric vehicle batteries. According to a statement from GEM, the two companies signed a framework agreement on Sunday for a high-pressure acid leach facility. The project on Sulawesi Island will process nickel laterite ore from Vale's unit to produce 66,000 tons of mixed hydroxide precipitate annually.