Indonesia wants much more for its ore as demand for nickel used in lithium-ion batteries set to explode in new electric vehicle era
Indonesian Minister of Investment Bahlil Lahadalia suggested that Indonesia is looking into forming an OPEC-style cartel for nickel and other inputs used in battery production.
Nickel is becoming a hot commodity as it is a key input in the manufacture of lithium-ion batteries needed for electric vehicles (EVs) — and Indonesia has the world’s largest nickel ore deposits.
Given that demand for EVs is expected to balloon in the coming years, countries rich in natural resources are exploring the most expeditious ways to capitalize on the situation.
The idea for an OPEC-style cartel reflects the Indonesian authorities’ desire to leverage its control over a scarce and highly sought-after commodity. They seek a more favorable position on the global technological frontier.
For the rest of this article: https://asiatimes.com/2023/01/indonesia-pushing-for-opec-style-nickel-cartel/