Indonesia will boast Southeast Asia's largest copper foil facility. PT Hailiang Nova Material Indonesia, one of the world's major copper pipe and rod producers, is to invest US$860 million in a copper foil factory in the Gresik Special Economic Zone (SEZ).
Copper foil is one of the primary raw materials used in the production of electric vehicle (EV) batteries. With the addition of this factory, Gresik SEZ will further develop the raw mineral processing and electric vehicle production ecosystem.
Indonesian President Joko Widodo attended the groundbreaking celebration for PT Hailiang Nova Material Indonesia, emphasizing the importance of downstream production and beginning to phase out raw material exports.
The Gresik SEZ has attracted significant investment, particularly the PT Freeport Indonesia Smelter with an investment value of US$ 3 billion, which will produce copper cathodes with a capacity of 1.7 million tons per year. PT Hailiang Nova Material Indonesia will purchase PT Freeport Indonesia products, with the final result being Copper Foil, which is used as a raw material in lithium-ion batteries. The collaboration between the copper smelter and the off-taker has the potential to develop an Electric Vehicle ecosystem in the Gresik SEZ by attracting various new investments, including those from the glass sector (such as Xinyi), the steel industry, and the EV battery business.
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