- Indonesian State-Owned Enterprises Minister Erick Thohir recently stated that the country’s efforts to use its mineral resources competitively in the electric vehicle battery supply chain will continue despite the economic impacts of the worldwide pandemic
- Indonesia is working to be a key player in the Asia-Pacific market for EV batteries, including talks with companies in South Korea and global economic powerhouse China
- Canada-based mineral exploration company noted Thohir’s comments in discussing development of the company’s strategic Cyclops Nickel-Cobalt project
- Bolt is focused on acquiring and developing production-grade EV battery metals projects in the Asia-Pacific region as world leaders work toward solutions for combatting global climate change
Bolt Metals Corp. (CSE: BOLT) (OTCQB: PCRCF) (XFRA: NXFE) continues to see evidence for optimism in the potential of its flagship Cyclops property in Indonesia, where significant nickel and cobalt exploration has taken place. The site may play a key role in the company’s core strategy to acquire and develop production-grade battery metal resources in the Asia-Pacific region.
Nickel and cobalt currently are minerals notable for their vital role in electric vehicle battery cathodes. Indonesia has worked arduously to turn its world-class nickel deposits and its proximity to China into a strong hand bidding for dominance in the EV battery supply chain. A recent Antara News report indicates that Indonesia is proceeding with those efforts despite the economic devastation being wrought by the novel coronavirus pandemic, which rapidly spread from nation to nation during the first quarter of the year, prompting swift restrictions on travel and commerce.
“This project (to construct multiple factories with priority use of in-country nickel resources) to produce batteries is a long-term one. If we were to build it in four years, it would become a reality,” State-Owned Enterprises Minister Erick Thohir stated in the report (http://nnw.fm/8w34H), adding, “Will it be postponed? No, this will continue.”
China, which is the world’s second-largest economy on a nominal measurement standard and the first-largest on a Purchasing Power Parity (PPP) standard, has emerged in recent years as a world leader in sustaining electric vehicle (EV) use and production as part of a multi-national effort to combat global climate change. Although Europe is poised to potentially outpace China and the United States as a result of the coronavirus’ impact and Europe’s EV-friendly policies, China is reviving government incentives in an effort to promote EV sales (http://nnw.fm/I7en3).
Around the world, governments are cautiously beginning to anticipate post-peak recovery from the global pandemic that has led to shuttered businesses and out-of-work employees. China, where the virus was first reported, is now serving as a test case for recovery (http://nnw.fm/mP3AF).
China is expected to recover economically far faster than the United States, the other world market powerhouse, because of China’s swift efforts to contain the pandemic once it recognized its spread, compared with halting efforts in America (http://nnw.fm/GD6Iy).
Furthermore, equity analysis firm Wood Mackenzie noted in its recent report on the disruptions to the EV supply chain and stalled EV sales growth that the pandemic should be regarded as an anomalous event whose effect on the market is temporary, while the overarching goal of combatting climate change will continue to drive policies unabated (http://nnw.fm/H24Eu).
Thohir told Antara News that Indonesia’s national strategic projects, including the production of EV battery materials, will continue to move forward. Thohir has been in talks with a number of South Korean companies regarding the nation’s priorities, including LG, a South Korean firm exploring investment opportunities in the information and communications technology sector.
“This is something new, and we do not want to be left behind neighboring countries,” he stated (http://nnw.fm/GdjP3).
Bolt Metals made news last month when it announced a non-binding cooperative agreement with a Chinese tungsten and cobalt producer that opens the way for more definitive pacts on mineral sourcing from the Cyclops property (http://nnw.fm/W7Vqj). Bolt cautions investors to recognize that such agreements are a work in progress and that “the Company would not make the decision to proceed to production without first establishing mineral reserves.”
For more information, visit the company’s website at www.BoltMetals.com
NOTE TO INVESTORS: The latest news and updates relating to PCRCF are available in the company’s newsroom at http://nnw.fm/PCRCF
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