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Sumitomo Metal Plans $1.8 Billion Nickel Smelter for EV Batteries
Sumitomo Metal Mining Co. Ltd. is to build a 200 billion-yen ($1.8 billion) nickel smelting complex in Indonesia to supply metal to makers of batteries for electric vehicles, The Nikkei reports.
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Sumitomo Metal Mining Co. Ltd. plans to build a 200 billion-yen ($1.8 billion) nickel smelting complex in Indonesia to supply metal for electric car batteries, The Nikkei reports.
The company intends to build the factory in the southeast Pomalaa region. The facility would have annual capacity to make 40,000 tons of material used to produce battery cell cathodes, according to the newspaper.
The plant’s output would be shipped to Japan for further processing, then sold to batterymakers such as Panasonic Corp. The Nikkei notes that the metals company already has a similar nickel smelting operation in the Philippines.
Sumitomo Metal has been rushing to hike its monthly output of nickel material to nearly 4,600 tons per month as global demand for EV batteries accelerates, according to the report.
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