DIGIVESTASI - Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan said Chinese electric vehicle battery company Ningbo Contemporary Brunp Lygend Co Ltd (CBL) has agreed to invest in Indonesia. Luhut explained that the company's subsidiary, Contemporary Amperex Technology Co.

Limited (CATL) has agreed to invest 420 million USD or equivalent to around Rp 6.52 trillion. (exchange rate 1 USD = IDR 15,533). Luhut said the official announcement of the investment is expected to be made next week, on December 28, 2023. "Actually, we signed it for around 420 million US dollars.

So, even though nickel prices have dropped a little, I think it's a breakthrough. "It will be announced on December 28," Luhut said during an online press conference regarding the 2023 performance review towards Indonesia Emas 2045, Friday (December 22, 2023).

Previously, CATL, through its subsidiary PT Ningbo Contemporary Brunp Lygend Co. (CBL), committed to invest with a consortium of state-owned enterprises, Indonesia Battery Corporation (IBC), to develop an integrated battery project for electric vehicles (EVs) in downstream Indonesia. CBL and PT Aneka Tambang Tbk (Antam) will establish a joint venture in upstream mining.

In the process, Antam will transfer its 49% stake in the nickel mining concession managed by its subsidiary PT Sumberdaya Arindo to CBL's controlled subsidiary, Hong Kong CBL Limited (HKCBL).

President and Director of IBC, Toto Nugroho revealed that the cooperation agreement between Antam and CATL in the upstream mining sector has entered the final stage. This share transaction marks the realization of CATL's investment in the battery project, from mining, smelting, production of cathode precursors, batteries, to battery packs.

"With CATL entering the final stage, December 10 is the withdrawal of funds from upstream to officially start the mining process downstream," Toto said in a hearing with Committee VII of the House of Representatives in November last year.