Illustrative image (Photo: Yonhap News)The nonbinding framework agreement was signed between theconsortium, consisting of LG Energy Solution Ltd. (LGES), LG Chem Ltd., LXInternational Corp. and others, and an Indonesia mining company, PT AnekaTambang, better known as Antam, and the Indonesia Battery Corp. (IBC) inIndonesia last week, LGES said in a release.
Indonesian government officials from the Ministry ofInvestment and the Ministry of State-Owned Enterprises also attended thesigning event.
The project seeks to establish an "end-to-end valuechain" for EV batteries encompassing the procurement of raw materials,producing key components, such as precursors and cathode materials andmanufacturing of battery cells, LGES said.
Indonesia is the world's largest producer of nickel, a key batterymaterial in terms of reserves and output.
The announcement also comes at a time when battery makersare scurrying to secure the supply of key materials for lithium-ion batteries,primarily nickel whose content level determines battery performance, amid aprice surge in raw materials.
"With this project, we expect to be able to enhance thebattery business capabilities and profitability by stably securing competitiveraw materials," LGES said./.
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