Chinese mining and battery materials company Zhejiang Huayou Cobalt Co Ltd is preparing to expand its investment in Indonesia by a staggering US$20 billion (Rp335 trillion), according to Minister of Investment and Head of the Investment Coordinating Board (BKPM), Rosan P. Roeslani.

“They will announce an additional investment of up to US$20 billion. It will be detailed in May, possibly in the third week, as per their request,” Rosan said on Tuesday, April 29, 2025.

This new commitment will significantly increase Huayou’s total investment in Indonesia, which currently stands at US$8.8 billion. The expansion plans were revealed following a recent meeting between the Indonesian government and Huayou executives on Saturday evening, April 26, 2025.

Rosan cited that the upcoming investment would be split into two segments. The first is to support the Indonesia Grand Package − a national electric vehicle (EV) ecosystem development project, where Huayou is expected to replace the previously involved LG Energy Solution. The second will fund a brand-new project in Indonesia.

“This includes the development of industrial clusters or parks similar to those in Morowali and Weda Bay. This one is planned to be located in Pomalaa, Southeast Sulawesi,” Rosan said.

Currently, Huayou holds a minority stake in the Weda Bay industrial zone [North Maluku]. However, the company reportedly aims to establish its own independently managed industrial park, similar to its partners in other regions.

Previously, Rosan confirmed that Huayou had expressed commitment of US$8.6 billion (Rp145 trillion) in investments as part of a larger US$9.8 billion project that was initially agreed upon with LG Energy Solution and a South Korean consortium, which has since withdrawn.

Nurul Ichwan, Deputy for Investment Promotion and Downstreaming at the Ministry of Investment/BKPM, clarified that the US$9.8 billion figure was the original estimate for the complete Indonesia Grand Package project, which includes a fully integrated EV battery supply chain − from mining and nickel processing to precursors, cathode materials, and battery cell manufacturing.

“LG Energy Solution had realized a Phase I joint venture worth about US$1.1 to US$1.2 billion, which reduces the remaining project value to US$8.6 billion,” Ichwan said in a statement on April 24, 2025.