Armed with the world's largest reserves of nickel and a ban on the export of nickel ore, Indonesia is making itself indispensable for the electric vehicle industry, which uses the metal extensively
a 44% jump in nickel demand by 2030 from 2022 levels due to high demand for batteries meant for electric vehicles.
But Indonesia's success has already prompted other countries to emulate its steps, with the Philippines planning to tax exports of nickel ore to encourage miners to invest in processing. The company has signed nickel sourcing contracts worth about $5 billion from companies in Indonesia, a government official has said.
Still, global automakers are investing or sourcing from Indonesia due to limited alternatives and booming demand, analysts say.
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