On June 24, 2024, BASF announced its decision to cease further assessment of a potential investment in a nickel-cobalt refining complex in Weda Bay, Indonesia. In 2020, BASF and Eramet, a global mining and metallurgical group, entered into an agreement to jointly explore the feasibility of this project.

"After a comprehensive assessment, we have decided not to proceed with the nickel-cobalt refining project in Weda Bay. Since the project's inception, the global nickel market dynamics have undergone significant changes, particularly in supply options and BASF's access to battery-grade nickel. As a result, BASF no longer finds it necessary to pursue such a substantial investment to secure a resilient supply of metals for its battery materials business," explained Anup Kothari, Member of the Board of Executive Directors of BASF SE. The company will cease all ongoing evaluations and negotiations related to the Weda Bay project.

Dr. Daniel Schönfelder, President of BASF’s Catalysts division, emphasized, "Ensuring a secure, responsible, and sustainable supply of critical raw materials for the production of precursor cathode active materials, potentially including sources from Indonesia, remains essential for the future growth of our battery materials business." BASF's battery materials division operates a specialized sourcing team dedicated to metals and precursor management, trading, and has already established a strong network of partners to ensure a resilient supply chain of critical raw materials required for its expanding global cathode active materials business.

BASF stands as a premier global provider of advanced cathode active materials (CAM) for the lithium-ion batteries market. Delivering high-performance CAM to major cell producers worldwide and leading OEM platforms, BASF enhances its portfolio with base metals sourcing, management, and diverse battery recycling solutions, including closed-loop offerings. Utilizing its industry-leading R&D platforms and commitment to innovation, BASF Battery Materials develops exclusive, proprietary solutions that empower customer excellence.

BASF pioneers chemistry for a sustainable future, integrating economic success with environmental stewardship and social responsibility. With approximately 112,000 employees worldwide, BASF Group collaboratively supports customer success across nearly all industries and regions globally. BASF's portfolio encompasses six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. In 2023, BASF achieved sales totaling €68.9 billion. BASF shares are listed on the Frankfurt Stock Exchange under the symbol BAS and as American Depositary Receipts (ADRs) under the symbol BASFY in the United States.

Eramet harnesses Earth's mineral resources to deliver sustainable and responsible solutions for industrial growth and energy transition challenges. Globally, its employees embrace a civic-minded and contributory approach in all the countries where the mining and metallurgical group is active. Eramet focuses on recovering and advancing essential metals like manganese, nickel, mineral sands, lithium, and cobalt, crucial for building a more sustainable world.