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new sovereign wealth fund eyes HPAL investment","indonesias-new-sovereign-wealth-fund-eyes-hpal-investment","article/indonesias-new-sovereign-wealth-fund-eyes-hpal-investment",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":675,"featured":51,"reporter":676,"_editable":680,"component":681,"seo_title":553,"categories":682,"visibility":688,"author_company":49,"featured_image":689,"seo_description":675,"author_full_name":49,"author_job_title":49,"formattedDate":693,"formattedArticleDate":694},"10ead9c4-dc80-4b51-94e9-d8a60061616d","2025-05-14 00:00",[560],{"slug":561,"name":562},"indonesia","Indonesia",[564],{"slug":565,"name":566,"content":567},"didi-bostock","Didi Bostock",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Editor - Energy Transition & Economics",{"filename":570},"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":574,"content":575},"doc",[576,583,598,610,615,628,639,646,651,662,670],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"Indonesia’s new sovereign wealth fund, Danantara, is reported to be in talks with French miner Eramet to form a partnership to invest in a high pressure acid leach (HPAL) plant in North Maluku province, in what could represent the government’s first major venture into the nickel industry.","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586,588,596],{"text":587,"type":582},"The potential investment underscores the Indonesian government’s increasing involvement in this key part of the economy; ",{"text":589,"type":582,"marks":590},"‘downstreaming’ the Southeast Asian nation’s nickel resources is a key pillar of President Prabowo Subianto’s ambitions",[591],{"type":592,"attrs":593},"link",{"href":594,"uuid":49,"anchor":49,"target":49,"linktype":595},"https://source.benchmarkminerals.com/article/indonesias-ev-ambitions-face-tests-under-new-leadership","url",{"text":597,"type":582}," to boost GDP growth to 8%, up from around 5% now.",{"type":599,"attrs":600},"blok",{"id":601,"body":602},"29f17ca2-303a-4a56-b350-3bcb02e2ce40",[603],{"id":604,"_uid":605,"type":606,"_editable":607,"component":608,"fixed_height":609,"use_fixed_height":50,"fixed_height_mobile":609,"fixed_height_tablet":609},"23181551","i-e6739672-cc2c-4ca3-9b8f-85b1a12bf95b","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-e6739672-cc2c-4ca3-9b8f-85b1a12bf95b\", \"id\": \"\"}-->","ContentFlourish","",{"type":577,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":582},"Indonesia has allocated Danantara $20 billion to invest in a range of projects, from metal processing to artificial intelligence. With former PT Vale Indonesia CEO, Febriany Eddy, joining its leadership ranks in April, Benchmark anticipates the sovereign wealth fund to have a particular focus on the nickel value chain, potentially targeting downstream investments in line with the government’s policy platform. ",{"type":577,"attrs":616,"content":617},{"textAlign":49},[618,620,626],{"text":619,"type":582},"While project details are vague, Benchmark believes the proposed investment could target the Huayou-owned Huashan project at the Weda Bay Industrial Park (IWIP). ",{"text":621,"type":582,"marks":622},"IWIP is generally focused more on the battery supply chain than other industrial parks in Indonesia",[623],{"type":592,"attrs":624},{"href":625,"uuid":49,"anchor":49,"target":49,"linktype":595},"https://source.benchmarkminerals.com/article/benchmarks-on-the-ground-view-of-indonesias-nickel-sector",{"text":627,"type":582},", presenting opportunities for vertical integration. This is the case both upstream—Eramet operates the nearby Weda Bay Nickel Mine—and downstream to nickel sulphate and battery precursor (pCAM) refining capacity. ",{"type":577,"attrs":629,"content":630},{"textAlign":49},[631,633],{"text":632,"type":582},"Meanwhile, for Eramet, it presents another opportunity to gain a foothold in an Indonesian HPAL operation, after a previous project at IWIP, in partnership with BASF, ",{"text":634,"type":582,"marks":635},"fell through last year. ",[636],{"type":592,"attrs":637},{"href":638,"uuid":49,"anchor":49,"target":49,"linktype":595},"https://source.benchmarkminerals.com/article/basf-and-eramet-cancel-only-100-western-backed-nickel-project-in-indonesia",{"type":640,"attrs":641,"content":643},"heading",{"level":642,"textAlign":49},4,[644],{"text":645,"type":582},"Indonesia’s royalty overhaul favours HPAL",{"type":577,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":582},"Following a recent overhaul of Indonesia’s royalty structure, HPAL projects will now benefit from lower rates for limonite processed for battery applications, a move that is designed to channel investments towards Indonesia’s battery-targeted supply base. ",{"type":577,"attrs":652,"content":653},{"textAlign":49},[654,656],{"text":655,"type":582},"Tapping into growing demand from the battery sector, HPAL projects are set to drive the majority of Indonesia’s nickel supply growth through to 2030, according to ",{"text":657,"type":582,"marks":658},"the Benchmark Nickel Forecast.",[659],{"type":592,"attrs":660},{"href":661,"uuid":49,"anchor":49,"target":49,"linktype":595},"https://www.benchmarkminerals.com/nickel/data-reports/forecast",{"type":599,"attrs":663},{"id":664,"body":665},"4ca9a2fd-cad0-4a62-864c-be87e06db346",[666],{"id":667,"_uid":668,"type":606,"_editable":669,"component":608,"fixed_height":609,"use_fixed_height":50,"fixed_height_mobile":609,"fixed_height_tablet":609},"22711341","i-ad322dc1-4263-4ab3-ac03-a0a3bd909040","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ad322dc1-4263-4ab3-ac03-a0a3bd909040\", \"id\": \"\"}-->",{"type":577,"attrs":671,"content":672},{"textAlign":49},[673],{"text":674,"type":582},"Indeed, the share of nickel supply captured by HPAL projects (MHP) is set to rise from 16% of Indonesia’s total nickel output in 2025, to 29% by the end of the decade.","Indonesia’s new sovereign wealth fund, Danantara, is reported to be in talks with French miner Eramet to form a partnership to invest in a high pressure acid leach (HPAL) plant in North Maluku province, in what could represent the government’s first major venture into the nickel industry. The potential investment underscores the Indonesian government’s increasing […]",[677],{"slug":565,"name":566,"content":678},{"job_title":568,"image":679,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"10ead9c4-dc80-4b51-94e9-d8a60061616d\", \"id\": \"\"}-->","article",[683,686],{"slug":684,"name":685},"critical-minerals","Critical Minerals",{"slug":687,"name":151},"nickel","private",{"id":49,"alt":609,"name":609,"focus":609,"title":609,"source":609,"filename":690,"copyright":609,"fieldtype":691,"meta_data":692,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/91fc72bb00/bm-shutterstock-2328289305-1.jpg","asset",{"alt":609,"title":609,"source":609,"copyright":609},"May 14, 2025","14th May 2025",[],[],1789748835832]