Vale’s $10 Billion Investment: Progress on Bahodopi, Pomalaa, and Sorowako Projects

Febriany further revealed that the Sorowako HPAL project involves three parties, including Huayou and Vale. They are in discussions to bring on board a third partner meeting specific ESG standards and key supply chain requirements for battery storage or EVs.

The company is currently seeking this third partner and hopes to finalize this arrangement soon, given the strong interest from automakers.

In a related update, INCO’s Independent Director and CFO Rizky Andhika Putra announced a capital expenditure (capex) of $400 million (IDR 6 trillion) for 2024. This budget is allocated for expanding mining operations in Pomalaa and Morowali, as well as maintaining existing assets, particularly in Sorowako.

“Overall, we are optimistic about our growth prospects and the potential for substantial additional revenue,” Rizky concluded. (Uki Ruknuddin)