Caixin
Nov 01, 2018 07:38 PM
BUSINESS & TECH

Chinese Miner Joins Scramble for Car Battery Materials With $1.28 Billion Indonesia Project

A cargo ship unloads laterite nickel ore imported from Indonesia in Lianyungang, Jiangsu province, in September 2013. Photo: IC
A cargo ship unloads laterite nickel ore imported from Indonesia in Lianyungang, Jiangsu province, in September 2013. Photo: IC

Zhejiang Huayou Cobalt Co. Ltd. said it will provide most of the money needed to set up a $1.83 billion Indonesian nickel smelting project, as mining companies scramble to secure the raw materials that will supply the expected new-energy vehicle boom.

The company announced it is setting up a joint venture with four partners — two based in Hong Kong, one based in the British Virgin Islands and one in Indonesia — to set up a nickel ore smelting project capable of producing 60,000 metric tons (66,000 U.S. tons) of nickel, the company said in a filing (link in Chinese) on Tuesday. Huayou will hold a 58% majority stake, but will provide $1.28 billion, or 70%, of the total financing to set up the project in Indonesia’s Central Sulawesi province.

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