JAKARTA (Reuters) – Indonesia’s government is in early discussions with electric vehicles maker Tesla Inc about a potential investment in the Southeast Asia country, a major producer of nickel, an official said.
Indonesia is keen to develop a full supply chain for nickel at home, especially for extracting battery chemicals, making batteries and eventually building EVs.
It has stopped exports of unprocessed nickel ore to support investment in its domestic industries.
Ayodhia Kalake, a senior official at the Coordinating Ministry for Maritime and Investment, said Tesla had reached out to the government informally about a possible venture, but he did not specify what it had in mind.
“It was still an early discussion and was not detailed yet,” Ayodhia said in a statement on Monday.
“We need further discussion with Tesla,” he said, adding that Indonesia has a number of incentives for investment in EVs.
Tesla did not immediately respond to a Reuters email seeking confirmation.
Indonesia last month said it had secured a deal to build a lithium battery plant in the country with South Korean LG Chem Ltd 051910.KS> and China’s Contemporary Amperex Technology Ltd (CATL) 300750.SZ>.
Tesla is looking to ramp up production of trucks and solar projects and its boss Elon Musk earlier this year urged miners to produce more nickel and offered “giant”, long-term contracts if mined “efficiently and in an environmentally sensitive way”.
While EVs are expected to help reduce global carbon emission, activists are concerned that production of EV parts and increased mining may damage the environment.
An Indonesian nickel smelting project being built by China’s Tsingshan Group and partners to produce battery-grade chemicals withdrew a request to dispose of waste in the ocean, a government official said on Friday.
(Reporting by Bernadette Christina Munthe; Writing by Fransiska Nangoy; Editing by Martin Petty)
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
