Singapore bank DBS Group said it has lead a consortium with seven other banks to launch a $600 million term loan facility and a $25 million working capital facility in a seven-year deal for a battery nickel and cobalt project in Indonesia.

The project is expected to be the first smelter in Indonesia to use high-pressure acid leach (HPAL) technology to produce nickel and cobalt chemicals used in making batteries for electric vehicles.

Based in Indonesia's Obi island, the HPAL project is a joint-venture between China's Lygend Mining and Indonesia's Harita Group.