Canada-based Pacific Rim Cobalt has received approval from the Indonesian Government for the registration of the Cyclops Nickel-Cobalt Project. This project will help Pacific boost its nickel production and have an edge in Asia’s electric vehicle battery supply chain.
Cyclops Nickel-Cobalt Project is located in Papua province of Indonesia. Pacific has conducted extensive exploration program and identified significant horizons of nickel mineralisation at this site. The license permits mining with year-round access.
The Indonesian government has recently updated the mining registration process to encourage foreign investment in the mining and manufacturing sectors.
Nickel is a primary ingredient in the production of a wide range of batteries, including those installed in a majority of electric vehicles (EVs). Indonesian government has attracted investments from major EV players, which will boost domestic EV production and battery manufacturing. Indonesia has 25pc of the world’s nickel resources. Demand for EV batteries have fueled nickel production in Indonesia.