According to data from Cobalt Institute, Indonesia surpassed Australia and the Philippines to become the second-largest producer of cobalt in the world in 2022. However, owing to the influence of ventures between China and Indonesia, western countries are concerned that China will dominate the supply chain of electric vehicles.

The data showed that Indonesia will be likely to increase its cobalt production by 10 times by 2030.

Cobalt is a key material in rechargeable lithium-ion batteries used in electric vehicles. With the automotive industry working to meet emissions targets, it was expected that sales of electric vehicles will accelerate in the coming years.