Vale Base Metals is expected to invest $25-30 billion in new projects across Brazil, Canada and Indonesia over the next decade.

License has a condition that bars the miner from importing and processing lanthanide concentrate from January.

Indonesia has been trying to attract EV makers to invest in the country, enticing them with its rich nickel reserves.

Huayou also said on Tuesday that its mining unit Huayou International Mining plans to buy a 50.15% stake in privately owned Perlux Limited.

Indonesia has banned exports of raw minerals like copper and bauxite starting in June this year to attract investment into its metals processing industry.

Among plans to lower the carbon footprint in the complex is the construction of solar panels of as much as 500 megawatts.

Cobalt, an essential component for certain types of EV batteries, has seen a significant shift in its global production landscape.

Electra will supply LG with 3,000 tonnes of cobalt product in 2025 and a further 4,000 tonnes in each of the following years through 2029.