Shanghai (ZXZC)- On April 14, Ningbo Contemporary Brunp Lygend Co., Ltd. (CBL), a subsidiary of Guangdong Brunp Recycling Technology Co., Ltd (Brunp), inked a tri-party framework agreement with PT AnekaTambang (ANTAM) and PT Industri Baterai Indonesia (IBI) to co-work on the Indonesia EV battery industrial chain project, according to a post on the WeChat account of CATL, the majority shareholder of Brunp. 

Photo credit: CATL

Involving a total investment of no more than $5.968 billion, the project is located in the FHT Industrial Park of East Halmahera of Indonesia's North Maluku Province and other places in the country as well.

The project is composed of six subprojects, including the laterite nickel ore development and the construction of the production lines for ferronickel, intermediate nickel & cobalt products, ternary cathode materials and ternary-lithium batteries, and the facility for battery recycling, according to CATL's announcement.

The whole project is scheduled to be completed within five years ended 2026.

ANTAM is a member of the state-owned mining company MIND ID of Indonesia. IBI, or the Indonesia Battery Corporation, is a state-run company focusing on the battery electric vehicle and EV ecosystem, and also a subsidiary of MIND ID and ANTAM.

The project will help CATL improve its strategic deployment in the battery industry, secure the supply of crucial upstream resources and raw materials, reduce production costs, and boost the development of the battery recycling business, the battery giant said.