- 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://ibn.fm/LpSoO), 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://ibn.fm/uVbmz).
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://ibn.fm/uGTbV).
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://ibn.fm/YGRl1).
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://ibn.fm/kLUHL).
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://ibn.fm/l2UxX).
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://ibn.fm/mYF3K).
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://ibn.fm/PCRCF
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