China's Huayou to replace LGES in Indonesian EV battery project, minister says
China's
Zhejiang Huayou Cobalt
is replacing South Korea's
LG Energy Solution
as a strategic investor in one of Indonesia's major EV battery projects, the country's Energy and Mineral Resources Minister Bahlil Lahadalia said on Wednesday.
LGES on Monday announced its withdrawal from the 142 trillion rupiah ($8.42 billion) project.
Indonesia is keen to develop domestic processing industries to produce batteries and EVs to take advantage of its rich mineral resources.
"Change of investors is a common dynamic in large-scale projects," Bahlil said in a statement, adding that there will be no change to the underlying plans for the project.
Huayou would be collaborating with Indonesian state-controlled companies on the project.
Bahlil said Indonesia remains committed to using its mineral resources domestically, and the government will ensure a smooth transition for the project.
A ground breaking ceremony for a part of the project is planned for later this year, he added, without sharing more details.
Huayou's Indonesian unit did not immediately respond to a Reuters request for comment.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
2 days ago
- Time of India
Indonesia reviews nickel mining in 'last paradise' after outcry
And Swedish EV company Polestar last year said it would seek to avoid compromising "uncontacted tribes" in its supply chain. Indonesia will review nickel mining in a region known as the "world's last paradise" and could take legal action, the environment minister said, after Greenpeace videos sparked public outcry about potential damage. The eastern archipelago of Raja Ampat in Southwest Papua Province sits in the Coral Triangle and is thought to be one of the world's most pristine reef areas, with its clear blue waters making it a popular diving spot. Greenpeace Indonesia ignited social media uproar this week with several videos highlighting nickel mining projects in the area, with one amassing 13 million views on Instagram. Indonesia has the world's biggest nickel reserves and is the biggest producer of the metal used in electric vehicle batteries and stainless steel. However, environmentalists say its rush to capitalise on supply and boost processing is causing irreparable damage to land around mines and smelters. The outcry over potential damage to the area drew a reaction from the government, with the energy ministry suspending operations at a nickel mine on one of Raja Ampat's islands pending an inspection. Environment Minister Hanif Faisol Nurofiq said he would visit the area and vowed to punish mining firms there. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo "We will immediately take legal action related to activities in Raja Ampat, after going through our studies," Hanif said on Thursday, according to Indonesian media. Nickel exploitation on the islands of Gag, Kawe and Manuran has led to the destruction of more than 500 hectares of forest and vegetation, according to a Greenpeace Indonesia analysis. They are categorised as small islands that under Indonesian law should be off-limits to mining, the environmentalist group said. The government's response has raised hopes that spreading awareness was helping to protect Raja Ampat, Greenpeace Indonesia forest campaign team leader Arie Rompas told AFP on Friday. "We are happy because there are some actions that the government could take. We are pushing the right button with this campaign," he said. Arie said he hoped the public would carry on supporting Greenpeace's campaign until the government revoked all mining licences and until Raja Ampat is "truly protected".
Time of India
2 days ago
- Time of India
China and India lead modest revival in Asia thermal coal imports
There are some tentative early signs that weak thermal coal prices are starting to boost import demand among Asia's heavyweight buyers China and India. Asia's seaborne imports of the fuel used mainly to generate electricity rose to a five-month high of 74.12 million metric tons in May, according to data compiled by commodity analysts Kpler. This was up from 68.56 million tons in April, although it was still below the 78.30 million tons from May 2024. For the first five months of the year Asia's imports of seaborne thermal coal were 346.96 million tons, down 7.0% from the same period in 2024. The decline was largely been driven by weaker demand from China and India, the world's two biggest importers of coal. Live Events China's seaborne imports of thermal coal were 116.62 million tons in the January-May period, down 13.6% from the same period in 2024, while India's were 71.07 million, a decline of 4.7%. China's appetite for seaborne coal has waned so far in 2025 after reaching a record in 2024, as strong domestic output and higher hydropower and renewable energy curbed coal-fired generation. The latest available data showed China produced 389.31 million tons in April, up 3.8% from the year-earlier month, while output for the first four months of the year was 1.58 billion tons, up 6.6%. India's domestic coal production has also been trending higher, with official data showing output of 86.24 million tons in May, up from 83.96 million in the same month last year. Asia's seaborne coal prices have been sliding in response to the higher domestic output in China and India, with grades from both top exporters Indonesia and Australia hitting four-year lows. Indonesian coal with an energy content of 4,200 kilocalories per kilogram (kcal/kg), as assessed by commodity price reporting agency Argus, dropped to $46.20 a ton in the week to May 30, down from $47.46 the prior week and the lowest since April 2021. The grade, which is favoured by both Chinese and Indian buyers, has been trending lower since October 2023, and is now down 25% over that time period. Australian coal with an energy content of 5,500 kcal/kg dropped to $66.84 a ton in the week to May 30, the lowest since late May 2021 and a drop of 37% from October 2023, when it started its current downtrend. This grade is largely favoured by Chinese buyers, as utilities in Japan and South Korea prefer higher quality coal. CHINA GAINS Certainly China's imports of Australian thermal coal have ticked up in recent months, with Kpler data showing arrivals of 6.39 million tons in May and 7.01 million in April, up from the 4.17 million In March and February's 3.63 million. It's possible that China's import demand is responding to the lower seaborne prices, and there is also the seasonal pattern of higher imports as the summer peak for electricity consumption comes closer. India's imports of thermal coal rose to 17.84 million tons in May, up from 15.31 million in April and the strongest month since October 2023. The gain in May arrivals was largely due to increased imports from Indonesia, which supplied 10.24 million tons, the most since May last year. It's also worth noting that India's imports of Russian thermal coal reached a two-year high of 1.39 million tons in May, according to Kpler, rising from 1.14 million in April. They had not been above the 1 million tons per month level since June 2023, and the recent increase has largely been shipped from Russia's Pacific ports, rather than from those in Europe. This suggests that Russian coal in the Pacific is once again becoming price-competitive against Australian grades, and McCloskey World Coal's assessment of 6,700 kcal/kg fuel at Vostochny port does support this view. Russian coal was assessed at $73.26 a ton in the fortnight to June 2, up from the 54-month low of $68.13 the prior two-week period. Once adjusted for energy content differences and freight, it's likely that Russian and Australian cargoes are very closely matched for Indian buyers. The overall picture for seaborne thermal coal in Asia is that the declining prices may finally be leading to some uptick in demand, but it's also likely that low prices will have to persist to keep importers interested. (The views expressed here are those of the author, a columnist for Reuters.)
India.com
2 days ago
- India.com
China begging this Muslim nation to buy its J-10C fighter jet, the country is..., its India's...
China has offered the J-10C fighter jet to Indonesia. (File) China is touting the alleged success of its J-10C fighter jet in the recent India-Pakistan air battle during Operation Sindoor as Beijing is making efforts to sell the multirole fighter to Indonesia, the world's largest Muslim country, which has close diplomatic ties with New Delhi. China offers J-10C fighter jet to Indonesia Addressing a public forum in Jakarta on Wednesday, Donny Ermawan Taufanto, Indonesia's deputy minister of defense, revealed that China had offered the J-10C fighter jet to Indonesia, and stated that the offer was currently under preliminary evaluation, and no technical team has yet been deployed to Beijing for further assessment. 'It is just an offer at the moment,' he said. Tafaunto said the proposal came up during a visit by Indonesian Air Force officials to China, and the Indonesian government is currently examining whether the aircraft meets the country's operational requirements and whether they can be integrated into existing military systems, Bloomberg News reported. China's offer to Indonesia comes at a times when smaller nations are spending more on military hardware due to global conflicts such as the Russia-Ukraine war, the Israel-Hamas war, and the recent tensions between nuclear-armed India and Pakistan. Indonesia 'pragmatic' defense procurement policy under Prabowo As per reports, Indonesia, under President Prabowo Subianto, is making efforts to diversify its defense export chain as part of the country's push towards military modernization. During Prabowo's tenure, Indonesia has explored options for military cooperation with traditional defense partners as well as new countries. Indonesia has partnered with South Korea in the development of the KF-21 supersonic fighter jet, and also recently expressed interest Turkey's 5th-generation 'KAAN' fighter jet project. Additionally, Prabowo has instructed defense officials to re-examine old plans to buy F- 15EX fighter jets from Boeing. Taufanto described Indonesia's defense procurement policy as pragmatic and non-aligned, which gives the country the freedom to ink defense defense agreements with different countries. 'If we feel that this aircraft performs well, meets our requirements and the price is also reasonable, then why not? We are not bound by any alliance, we can buy weapons from any country – even China,' he stated. China touts J-10C 'success' in Indo-Pak air battle Meanwhile, China is touting the purported 'success' of its J-10C fighter jets during the recent India-Pakistan military confrontation. Taking advantage of the speculations surrounding the alleged 'success' of J-10C fighter, a two-part documentary was aired on China's state-run CCTV, which delved in to the origins of the aircraft and its 'battle-tested' capabilities. The documentary claimed that the J-10CE (export variant) achieved its 'first victory' in the recent war. The move was not only to promote China's military technology but also an attempt to strengthen its position in the global arms market. Pakistan claims J-10C downed Indian Rafales Pakistan has claimed that its air force shot down several Indian Air Force (IAF) fighter jets, including the French Rafale jets, using Chinese-made J-10C fighter jets during the aerial battle that took place on the night of May 7 when Indian armed forces launched Operation Sindoor against terror infrastructures inside the enemy country. Speaking in the country's Parliament, Pakistan Deputy Prime Minister and Foreign Minister, Ishaq Dar, claimed, without proof, that the Pakistan Air Force (PAF) shot down several Indian jets, including three Rafales, using J-10C fighter jets and Chinese PL-15E missiles. However, Pakistan's claims have been vehemently refuted by India as 'rumors' and 'misinformation'. Indian Defence Ministry and Air Force officials clarified that reports of losses were exaggerated, though CDS General Anil Chauhan has confirmed some air losses in a recent interview.
