JAKARTA, April 23 (Reuters) - China's Zhejiang Huayou Cobalt (603799.SS) , opens new tab is replacing South Korea's LG Energy Solution as a strategic investor in one of Indonesia's major EV battery projects, the country's Energy and Mineral Resources Minister Bahlil Lahadalia said on Wednesday.

LGES (373220.KS) , opens new tab on Monday announced its withdrawal from the 142 trillion rupiah ($8.42 billion) project.

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Indonesia is keen to develop domestic processing industries to produce batteries and EVs to take advantage of its rich mineral resources.

"Change of investors is a common dynamic in large-scale projects," Bahlil said in a statement, adding that there will be no change to the underlying plans for the project.

Huayou would be collaborating with Indonesian state-controlled companies on the project.

Bahlil said Indonesia remains committed to using its mineral resources domestically, and the government will ensure a smooth transition for the project.

A ground breaking ceremony for a part of the project is planned for later this year, he added, without sharing more details.

Huayou's Indonesian unit did not immediately respond to a Reuters request for comment.

($1 = 16,870.0000 rupiah)

https://www.reuters.com/technology/chinas-huayou-replace-lges-indonesian-ev-battery-project-minister-says-2025-04-23/