November 16, 2022, 07.06 PM

BALI, - Indonesia has proposed the establishment of a bloc of the world's top nickel producers during talks with Canada on the sidelines of the G20 Summit in Bali, its investment minister said.

The Southeast Asian nation is the world's top nickel producer, while Canada is also a major producer of the mineral, according to United States Geological Survey data.

Also readIndonesia Vows to Sanction Nickel Ore Purchases Below Floor Price

"Through such collaboration, we hope all nickel-producing countries will be able to profit through a fair added value creation," Bahlil Lahadalia said, according to a ministry statement.

The proposal was raised when Bahlil met Canada's trade minister Mary Ng in Nusa Dua, Bali.
He said an organization similar to OPEC, a group of 13 oil-producing countries, could help organize and streamline policies on nickel, a key mineral used to make batteries -- including for electric vehicles, stainless steel, and mobile phones.

Also readB20 Summit Ends with Communique, 25 Policy Recommendations

Bahlil previously floated the idea of such a grouping in an interview with the Financial Times in October, saying at the time that Indonesia was still formulating the group's structure.

Ng said in the statement that the two countries could explore the collaboration proposal, adding that Indonesia and Canada shared a similar vision for optimizing their resources in a sustainable way.

Indonesia has banned exports of raw nickel ore since 2020 in a move to encourage investments in downstream industries in the country, which also sparked a trade dispute with the European Union.

The Indonesian government has touted plans to turn the country into an electric-vehicle hub. Nickel is used in lithium batteries that power petrol-free cars.

Source: Agence France-Presse

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Source AFP

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