#BASF, #Eramet Cancel $2.6 Billion #Nickel Project on EV Slump
BASF SE and Eramet SA abandoned plans to spend up to $2.6 billion building a nickel-cobalt refinery in Indonesia, reversing course after slowing sales growth for electric vehicles crimped demand.
Global availability of battery-quality nickel has improved since the project was conceived, BASF said Monday in a statement. A surge in EV sales has also dimmed in the past year, leading to declines in nickel and cobalt prices.
Read more at: https://www.bloomberg.com/news/articles/2024-06-24/basf-to-exit-2-6-billion-nickel-smelter-project-in-indonesia
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