Never mind the Saudis: Here's a new OPEC for EV battery metals
Indonesia is looking to use its position as the nickel capital of the world to set up a cartel with other like-minded mining empires, similar to the way OPEC joins forces to control the global crude oil market.
This is at a time when demand for nickel surges and the world struggles to move from fossil fuel-based autos to electric vehicles, not to mention at the moment Europe's energy crisis builds. "I do see the merit of creating OPEC to manage the governance of oil trade to ensure predictability for potential investors and consumers," Indonesian Investment Minister Bahlil Lahadaliain an interview today."Indonesia is studying the possibility to form a similar governance structure with regard to the minerals we have, including nickel, cobalt and manganese."Indonesia is known for following through on its trade threats.
this year, adding that whatever the WTO's decision in the dispute may be, Indonesia will move ahead with plans to impose similar bans on exports of other raw commodities.Nickel is one of the key metals used in the lithium-ion batteries used to power many of the automakers EVs - with the exception of a few including Tesla that are also using
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