With the growing demand for nickel in the electric vehicle (EV) industry, German chemical giant BASF and French miner Eramet planned to invest US$2.2-2.6 to jointly build a nickel-cobalt refinery plant at the Weda Bay Industrial Park in North Maluku, Indonesia.
The project, called Sonic Bay, would produce about 67,000 tons of nickel and 7,500 tons of cobalt per year.
Eramet would own 51% of the project and BASF would hold 49%. The two companies were expected to finalize an agreement on the plant in the first half of this year, and the new plant was expected to start production in early 2026.