JAKARTA, Aug. 12 (Xinhua) -- Indonesia plans to produce permanent magnets using rare earth elements by 2028 as it seeks to build an integrated domestic supply chain from mineral processing to electric vehicles (EVs), a senior official of the country's sovereign wealth fund Danantara said here Wednesday.
Danantara Chief Technology Officer Sigit Puji Santosa said the planned facility will use neodymium-iron-boron, a key material for permanent magnets used in EV traction motors.
Sigit said at a forum that the government aims to develop the industry from upstream mining and refining to EV production.
Danantara has established PT Perusahaan Mineral Nasional and is working with government ministries, research institutions and universities to develop refining capacity, he added.
Indonesia, which holds significant rare earth resources, has been seeking to move beyond raw mineral exports and capture greater value through domestic processing and downstream manufacturing. ■
