2 Chinese Investors Invest Rp4.9 Trillion to Build Electric Vehicle Battery Factory in Sulawesi : Okezone Economy

JAKARTA -Two investor from China will invest in a lithium project in Indonesia worth USD350 million. Both, Chengxin Lithium Group Co Ltd and affiliates of Tsingshan Holding Group.

The lithium plant will be used to meet demand from the battery sector for electric vehicles. This was quoted from VOA Indonesia, Sunday (26/9/2021).

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Tsingshan turned to the lithium industry at a time when prices for the commodity soared amid rising sales of electric vehicles in China’s top market.

Chengxin said the partners would build a factory to make lithium chemicals at the Morowali Industrial Park in Sulawesi. The location is where several Chinese investment projects are located.

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Chengxin said the plant will produce 50,000 tons per year of lithium hydroxide and 10,000 tons per year of lithium carbonate.

Chengxin said it would own 65% of the joint venture – called PT ChengTok Lithium Indonesia – and Singapore-founded Stellar Investment Pte would hold a 35% stake.

A Chengxin investor relations official on Friday (24/9) said Stellar is an affiliate of Tsingshan. Tsingshan did not respond to a request for comment.

Last week, South Korea’s LG Energy Solution and Hyundai Motor Group began construction of a $1.1 billion factory to manufacture electric vehicle batteries in West Java.

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