BASF Won't Invest in Nickel-Cobalt Refining Complex in Indonesia
By Najat Kantouar
BASF decided not to invest in a nickel-cobalt refining complex in Weda Bay, Indonesia.
The German chemicals giant said Monday that it won't develop the project due to significant changes in the global nickel market, particularly given evolving supply options and the availability of battery-grade nickel.
"BASF no longer sees the need to make such a substantial investment to ensure a resilient metals supply for its battery materials business," Executive Director Anup Kothari said.
In 2020, BASF and Eramet--a global mining group--signed an agreement to jointly assess the potential of such a project.
Write to Najat Kantouar at najat.kantouar@wsj.com
(END) Dow Jones Newswires
June 24, 2024 12:42 ET (16:42 GMT)
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