BASF and Eramet abandon $2.6bn nickel-cobalt refining project in Indonesia due to reduced electric vehicle sales estimates.

BASF and Eramet have decided against a joint investment in a $2.6bn nickel-cobalt refining complex in Weda Bay, Indonesia. The outlook for electric vehicles has slowed, with sales estimates reduced, leading to changes in the global nickel market and prompting BASF to discontinue the project. Eramet will continue to evaluate potential investments in the nickel electric vehicle battery value chain in Indonesia.