On March 30, 2023, Vale Base Metals (a subsidiary of Vale Canada), Ford Motor Company, and Zhejiang Huayou Cobalt Co. entered into a joint venture to develop a nickel processing facility in Indonesia valued at US$4.5 billion (approx. C$6.1 billion). The project will focus on the High Pressure Acid Leaching (HPAL) facility at the Pomalaa Mine. Under a tripartite agreement, the companies will make equity investments to support sustainable nickel smelting and production. The collaboration aims to enhance the affordability of electric vehicle battery manufacturing and secure critical mineral supply chains.