Energy and Mineral Resources Minister Bahlil Lahadalia announced that President Prabowo Subianto approved a US$9.8 billion battery downstream project now led by Huayou.

Danantara, a state-backed investment firm, has also joined the project to support funding and operations.

He said that LG’s exit was a strategic decision aimed at expediting progress through Huayou’s involvement.

Additionally, Bahlil highlighted a US$6 billion collaboration with CATL, known as the Dragon Project.

This initiative encompasses various stages, from mining to battery recycling, and is managed by PT Industri Baterai Indonesia (IBC) and CATL subsidiary Ningbo Contemporary Brunp Legend Co Ltd (CBL).

The Minister of Investment and Downstreaming/Head of BKPM, who is also the Head of BPI Danantara, Rosan Roeslani, highlighted the importance of Danantara’s involvement in strengthening Indonesia’s position in the project.