<p>US carmaker Ford Motor Co signed a final investment agreement with PT Vale Indonesia, and China's Zhejiang Huayou Cobalt on Thursday to build nickel processing plant, valued at around $4.5 billion.</p>.<p>The high-pressure acid leaching (HPAL), located in Pomalaa, Southeast Sulawesi where Vale operates a nickel mine, is expected to produce 120,000 tonnes per annum of mixed hydroxide precipitate, material extracted from nickel ore that would be used in batteries for electric vehicles.</p>.<p>Indonesia, which has the biggest nickel reserve in the world, has been trying to develop downstream industries for the metal, with ambitions to eventually produce batteries and electric vehicles.</p>.<p>Vale and Huayou commenced construction of the plant in November.</p>.<p>Thursday's signing was a follow up to a non-binding memorandum of cooperation for the plant that the three companies had signed last year. At the time, they said the project was expected to be completed in 2025.</p>.<p>Indonesia's government has from 2020 banned export of unprocessed nickel ore to ensure supply for existing and potential investors. </p>
<p>US carmaker Ford Motor Co signed a final investment agreement with PT Vale Indonesia, and China's Zhejiang Huayou Cobalt on Thursday to build nickel processing plant, valued at around $4.5 billion.</p>.<p>The high-pressure acid leaching (HPAL), located in Pomalaa, Southeast Sulawesi where Vale operates a nickel mine, is expected to produce 120,000 tonnes per annum of mixed hydroxide precipitate, material extracted from nickel ore that would be used in batteries for electric vehicles.</p>.<p>Indonesia, which has the biggest nickel reserve in the world, has been trying to develop downstream industries for the metal, with ambitions to eventually produce batteries and electric vehicles.</p>.<p>Vale and Huayou commenced construction of the plant in November.</p>.<p>Thursday's signing was a follow up to a non-binding memorandum of cooperation for the plant that the three companies had signed last year. At the time, they said the project was expected to be completed in 2025.</p>.<p>Indonesia's government has from 2020 banned export of unprocessed nickel ore to ensure supply for existing and potential investors. </p>