On November 10, 2024, the China-Indonesia Business Forum 2024 was held in Beijing, gathering over 300 participants, including business leaders, entrepreneurs, and other stakeholders from both nations. Among the notable attendees were Indonesian President Prabowo and Gao Yunlong, Vice-Chairman of the Chinese People's Political Consultative Conference (CPPCC) and Chairman of the All-China Federation of Industry and Commerce (ACFIC), both of whom delivered opening speeches.

Gao Yunlong underscored China's commitment to fostering closer cooperation with Indonesia across various fields, aligning with the agreements reached between President Xi Jinping and President Prabowo. He expressed China's intention to advance trade and investment ties, reinforcing the relationship as a model for mutual prosperity and South-South cooperation.

In his speech at the forum, President Prabowo of Indonesia expressed a warm welcome to Chinese companies investing in Indonesia. He emphasized the importance of deepening cooperation across various sectors to achieve shared prosperity and development. This visit marks President Prabowo's second trip to China and his first since taking office. His presence at the event highlights Indonesia's strong commitment to welcoming Chinese investment, its desire to enhance industrial, technological, and cultural cooperation with China, and its determination to drive the country's green economy and support the development of downstream industries.

Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and President of the All-China Federation of Industry and Commerce, Gao Yunlong, delivers a speech

President Prabowo of Indonesia gives a speech

A signing ceremony for cooperation agreements followed, spotlighting a key investment agreement between GEM Co., Ltd. and PT Vale Indonesia (PTVI). This agreement, witnessed by President Prabowo and Gao Yunlong, formalizes their commitment to a high-pressure acid leach (HPAL) plant project with an annual capacity of 66,000 metric tons of nickel metal. Febriany Eddy, CEOof PTVI and Professor Xu Kaihua, Chairman of GEM, signed the agreement, which promises sustainable growth for Indonesia's nickel sector.

Professor Xu Kaihua, Chairman of GEM, and Febriany Eddy, CEO of PTVI, sign a cooperation agreement under the witness of President Prabowo of Indonesia

President Prabowo of Indonesia congratulates GEM and PTVI on their successful signing

As China and Indonesia enter a new stage of building a shared future, this partnership brings immense opportunities for collaboration. Nickel, a crucial mineral for the global new energy sector, holds significant market potential, and Indonesia's abundant nickel reserves are ideally positioned to meet this demand. Against this backdrop, GEM has partnered with global resource giant and sustainable nickel extraction leader PTVI to jointly develop nickel resources and establish an HPAL (High-Pressure Acid Leaching) plant. The collaboration aims to leverage global resources, technology, and supply chains by constructing a high-standard, zero-carbon, smart, and high-ESG-compliant green nickel refinery with a 66,000-ton annual output capacity in Central Sulawesi, Indonesia. The facility will process nickel ores sourced from PTVI mines into Mixed Hydroxide Precipitate (MHP) with nickel and cobalt components that meet market standards. Plans also include exploring the establishment of precursor and cathode production facilities (downstream factories) to create a world-class green nickel resource park based on local Indonesian technology and talent. This project seeks to build a globally competitive green nickel and downstream materials supply chain to meet the global energy transition's demand for green nickel resources. Additionally, it reinforces GEM's position in Indonesia's green nickel resource sector and supports its expansion in the global market, strengthening GEM's standing in the global new energy battery materials industry.

Prior to the signing, President Prabowo met withCharimanXu Kaihua, who shared GEM's plans for Indonesia. In addition to its nickel investments, GEM is dedicated to talent development, having established the China-Indonesia New Energy Materials and Metallurgy Engineering Joint Research Laboratory in Bandung. This initiative is set to train 100 Ph.D. engineers, 1,000 master's engineers, and 10,000 technical personnel, addressing Indonesia's talent needs in mining and energy. GEM's recent agreement with PTVI includes a $1.42 billion investment aimed at developing a world-class, low-carbon industrial park using green technologies, local talent, and indigenous expertise to transform Indonesia's nickel resources into a sustainable supply of green nickel. Upon hearing Chairman Xu Kaihua's report, President Prabowo expressed his delight and extended his gratitude to GEM for its contributions to technological and cultural advancements in Indonesia.

President Prabowo meets with Chairman Xu Kaihua and other Chinese entrepreneurs and listens to Chairman Xu's report on the development of GEM in Indonesia

"Our vision for the HPAL project is to set a new global standard for sustainability in MHP production," said PTVI CEO Febriany Eddy. She explained that this project goes beyond merely producing MHP; it aims to establish a responsible resource management model that benefits both Indonesia and the world. By integrating advanced technology, environmental practices, and a commitment to net-zero production, we are shaping a future in which Indonesia is recognized as a leader in sustainable industrial development.

GEM Chairman Xu Kaihua emphasized the importance of this project for the transformation and upgrading of Indonesia's nickel resources. "This project is not only a step toward a cleaner future but also the foundation for deeper green innovation and cross-border collaboration." He noted that GEM and PTVI are building a world-class green nickel resource demonstration park with zero-carbon, intelligent, and high ESG standards. Furthermore, they are actively considering collaboration on downstream cathode and precursor plants, which will contribute to the green and new-energy-focused advancement of Indonesia's nickel resources.

Since 2018, GEM has established a world-class "Technology + Intelligence + Green" nickel resource park in Indonesia, producing new energy materials directly from low-grade laterite nickel ore and promoting the transition of Indonesia's nickel resources from traditional stainless steel to new energy applications. GEM also spearheaded and funded the launch of the "Indonesia Government–GEM–Central South University Joint Master's Program in Material Science and Metallurgical Engineering," which has so far trained 178 master's and 3 doctoral students, accelerating the development of high-level metallurgy talent in Indonesia. Additionally, GEM invested $30 million in collaboration with Bandung Institute of Technology and Central South University to establish the "China-Indonesia Joint Research Laboratory for New Energy Materials and Metallurgical Engineering Technology." This laboratory will drive key technological advances in metallurgy, mining, new energy materials, and sustainable development in Indonesia, establishing itself as a high-tech research and talent training hub and exemplifying GEM's commitment to fostering China-Indonesian cooperation in science and culture.

GEM Deputy General Manager and Board Secretary Pan Hua and Deputy General Manager Song Wei also attended the signing ceremony.