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and Eramet cancel only 100% Western-backed nickel project in Indonesia","basf-and-eramet-cancel-only-100-western-backed-nickel-project-in-indonesia","article/basf-and-eramet-cancel-only-100-western-backed-nickel-project-in-indonesia",{"_uid":557,"date":558,"tags":559,"editor":572,"content":582,"excerpt":706,"featured":51,"reporter":707,"_editable":711,"component":712,"seo_title":553,"categories":713,"visibility":727,"author_company":49,"featured_image":728,"seo_description":706,"author_full_name":49,"author_job_title":49,"formattedDate":733,"formattedArticleDate":734},"a9ce7615-1fa8-45ad-bf1b-7124c282c330","2024-06-28 00:00",[560,563,566,569],{"slug":561,"name":562},"basf","BASF",{"slug":564,"name":565},"eramet","Eramet",{"slug":567,"name":568},"hpal","HPAL",{"slug":570,"name":571},"indonesia","Indonesia",[573],{"slug":574,"name":575,"content":576},"didi-bostock","Didi Bostock",{"job_title":577,"image":578,"bio":580,"linkedin":581},"Editor - Energy Transition & Economics",{"filename":579},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":583,"content":584},"doc",[585,592,597,612,617,626,631,644,649,654,659,666,671,676,681,686,691,696,701],{"type":586,"attrs":587,"content":588},"paragraph",{"textAlign":49},[589],{"text":590,"type":591},"BASF and Eramet have cancelled plans to invest up to $2.6 billion to build a high pressure acid leach (HPAL) operation in Weda Bay, Indonesia. The project, known as Sonic Bay, had been set to become the first, and only nickel plant in Indonesia with 100% Western ownership.","text",{"type":586,"attrs":593,"content":594},{"textAlign":49},[595],{"text":596,"type":591},"First announced in December 2020, the Sonic Bay project was considered the flagship operation for Western investors making their mark on the China-dominated Indonesian nickel industry. ",{"type":586,"attrs":598,"content":599},{"textAlign":49},[600,602,610],{"text":601,"type":591},"Since then, however, the number of HPAL plants in Indonesia tracked by the ",{"text":603,"type":591,"marks":604},"Benchmark Nickel Forecast",[605],{"type":606,"attrs":607},"link",{"href":608,"uuid":49,"anchor":49,"target":49,"linktype":609},"https://www.benchmarkminerals.com/forecasts/nickel/reports/","url",{"text":611,"type":591}," has proliferated, as Chinese operators have proven next-generation HPAL technology at speed and scale. ",{"type":586,"attrs":613,"content":614},{"textAlign":49},[615],{"text":616,"type":591},"The result has been a massive increase in Indonesia’s pipeline supply of nickel in mixed hydroxide precipitate (MHP) by 2030 – the primary feedstock for nickel sulphate production globally – rising 6x from Benchmark’s forecast in late 2020.",{"type":586,"attrs":618,"content":619},{"textAlign":49},[620],{"type":621,"attrs":622},"image",{"id":49,"alt":623,"src":624,"title":49,"source":49,"copyright":49,"meta_data":625},"","https://lh7-us.googleusercontent.com/docsz/AD_4nXfVfIPy0JG3pzdVAqEJFLYqmt8XQOWnQ6lGrU1fdmKGBoU9ssMGZBuMAXgHcpl7DKWlblRkShvgpL1Datfqp1Pu4SykDl3p1llSO9SZnp8YGxSY_WWDsI7e2byW-zBYLMQ2o2A2dHP2-SwfhM2agsoigosW?key=OtwwAZgXcEUPbIwRsUc9_A",{},{"type":586,"attrs":627,"content":628},{"textAlign":49},[629],{"text":630,"type":591},"“The cancellation of BASF and Eramet’s project demonstrates the pressures faced by HPAL operators today, particularly for those owned by Western companies, both in Indonesia and outside of the region,” said Will Talbot, principal nickel analyst at Benchmark.",{"type":586,"attrs":632,"content":633},{"textAlign":49},[634,636,642],{"text":635,"type":591},"The nickel market entered structural oversupply in 2022, due to the rapid supply growth from Indonesia coupled with slower than expected demand growth from the electric vehicle industry. Fueling a ",{"text":637,"type":591,"marks":638},"double digit decline in nickel prices",[639],{"type":606,"attrs":640},{"href":641,"uuid":49,"anchor":49,"target":49,"linktype":609},"https://www.benchmarkminerals.com/price-assessments/nickel/portal/?tab=table",{"text":643,"type":591}," since the start of last year.",{"type":586,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":591},"The price downturn has tightened margins across the nickel industry, with Benchmark estimating over 120,000 tonnes of nickel to have come out of the market year-to-date. ",{"type":586,"attrs":650,"content":651},{"textAlign":49},[652],{"text":653,"type":591},"Current fundamentals are even leading some Chinese-backed projects in Indonesia to be shelved or delayed. China’s Hanrui Cobalt and Huayou Cobalt are amongst those re-evaluate investments in 2024.",{"type":586,"attrs":655,"content":656},{"textAlign":49},[657],{"text":658,"type":591},"“Cancellations are creating future risk to the build out of supply necessary to meet future energy transition goals,” Talbot added.",{"type":660,"attrs":661,"content":663},"heading",{"level":662,"textAlign":49},4,[664],{"text":665,"type":591},"How did the companies respond?",{"type":586,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":591},"In a press release, BASF stated the decision was down to “significant” changes in the global nickel market since the initial announcement to partner with Eramet in December 2020. ",{"type":586,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":591},"Indonesia officials had reported the two companies were close to finalising an investment decision in January 2023. Benchmark CIF Asia nickel sulphate prices were just shy of $26,000 per tonne (nickel contained) at the time but have since fallen by over 40%, sitting below incentive levels for many prospective operations backed by Western companies.",{"type":586,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":591},"“In particular, the supply options have evolved and with that BASF’s availability of battery grade nickel,” said Anup Kothari, Member of the Board of Executive Directors of BASF.",{"type":586,"attrs":682,"content":683},{"textAlign":49},[684],{"text":685,"type":591},"“Consequently, BASF no longer sees the need to make such a substantial investment to ensure a resilient metals supply for its battery materials business,” he added.",{"type":586,"attrs":687,"content":688},{"textAlign":49},[689],{"text":690,"type":591},"BASF is building out a global cathode footprint, focusing on the expansion of high-nickel cathode capacity across the US, Canada, and Europe. In April 2024, the Germany company revealed that environmental permitting issues at its battery precursor plant in Harjavalta, Finland would delay initial production until 2025.",{"type":586,"attrs":692,"content":693},{"textAlign":49},[694],{"text":695,"type":591},"Eramet, meanwhile, struck a slightly different tone to their German counterpart, leaving the door open to future battery targeted nickel investments in the region. ",{"type":586,"attrs":697,"content":698},{"textAlign":49},[699],{"text":700,"type":591},"“Eramet remains focused on sustainably optimising the resource potential of Weda Bay mine to supply ore to local nickel producers, while also further investigating opportunities to participate in the nickel electric vehicle battery value chain in Indonesia,” said Geoff Streeton, Eramet’s Chief Development Officer.",{"type":586,"attrs":702,"content":703},{"textAlign":49},[704],{"text":705,"type":591},"The French mining company currently operates a nickel pig iron facility at the Weda Bay park and associated mining operations in partnership with China’s Tsingshan.","BASF and Eramet have cancelled plans to invest up to $2.6 billion to build a high pressure acid leach (HPAL) operation in Weda Bay, Indonesia. The project, known as Sonic Bay, had been set to become the first, and only nickel plant in Indonesia with 100% Western ownership. First announced in December 2020, the Sonic […]",[708],{"slug":574,"name":575,"content":709},{"job_title":577,"image":710,"bio":580,"linkedin":581},{"filename":579},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a9ce7615-1fa8-45ad-bf1b-7124c282c330\", \"id\": \"\"}-->","article",[714,717,719,722,725],{"slug":715,"name":716},"batteries","Batteries",{"slug":718,"name":300},"cathode",{"slug":720,"name":721},"critical-minerals","Critical Minerals",{"slug":723,"name":724},"geopolitics","Geopolitics",{"slug":726,"name":151},"nickel","private",{"id":49,"alt":729,"name":623,"focus":623,"title":729,"source":623,"filename":730,"copyright":623,"fieldtype":731,"meta_data":732,"is_external_url":51},"Indonesia flag.","https://a.storyblok.com/f/287943243085208/0bb3f48db1/bm-indonesiaflag.jpg","asset",{"alt":729,"title":729,"source":623,"copyright":623},"Jun 28, 2024","28th June 2024",[],[],1789748846751]