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China Zhongwei New Materials will invest in three new projects in Indonesia to produce nickel strontium (high-ice nickel), aiming to increase annual production capacity by 120,000 tons to meet the growing demand
for products used to make batteries for electric vehicles.
The battery materials maker said in a filing with the Shenzhen Stock Exchange on Wednesday that its three subsidiaries in Hong Kong signed agreements with Singapore's Rigqueza International Pte Ltd to jointly invest in three projects
in the Weda Bay Industrial Park.
Each involves an investment of $420 million and aims to produce 40,000 tonnes of nickel sulfonium
per year through four production lines, the document said.
This is an intermediate product that can be processed into battery-grade nickel
.
Zhongwei New Materials has invested in two nickel sulfonium projects with Rigqueza in Sulawesi, Indonesia, last year, with a total annual capacity of 60,000 tons
.
The company has also reached an agreement with nickel giant Tsingshan Holding Group to supply 40,000 tonnes of the product
.
"Both parties are optimistic about the nickel sulfonium industry," Zhongwei New Materials said in the statement, adding that these investments are expected to further secure the company's resources and reduce the cost
of producing battery materials.
Rigqueza, registered in Singapore, will own 30% of each of
the three new projects.
The Chinese company did not disclose more information about its partners, but said Rigqueza's main responsibilities included coordinating with the Indonesian government to help obtain local approvals and financing
.
In March, the price of nickel on the London Metal Exchange doubled in an hour to a record level of more than $100,000 per tonne, as Russia's conflict with Ukraine fueled an already rising market
.
China Zhongwei New Materials will invest in three new projects in Indonesia to produce nickel strontium (high-ice nickel), aiming to increase annual production capacity by 120,000 tons to meet the growing demand
for products used to make batteries for electric vehicles.
The battery materials maker said in a filing with the Shenzhen Stock Exchange on Wednesday that its three subsidiaries in Hong Kong signed agreements with Singapore's Rigqueza International Pte Ltd to jointly invest in three projects
in the Weda Bay Industrial Park.
Each involves an investment of $420 million and aims to produce 40,000 tonnes of nickel sulfonium
per year through four production lines, the document said.
This is an intermediate product that can be processed into battery-grade nickel
.
Zhongwei New Materials has invested in two nickel sulfonium projects with Rigqueza in Sulawesi, Indonesia, last year, with a total annual capacity of 60,000 tons
.
The company has also reached an agreement with nickel giant Tsingshan Holding Group to supply 40,000 tonnes of the product
.
"Both parties are optimistic about the nickel sulfonium industry," Zhongwei New Materials said in the statement, adding that these investments are expected to further secure the company's resources and reduce the cost
of producing battery materials.
Rigqueza, registered in Singapore, will own 30% of each of
the three new projects.
The Chinese company did not disclose more information about its partners, but said Rigqueza's main responsibilities included coordinating with the Indonesian government to help obtain local approvals and financing
.
In March, the price of nickel on the London Metal Exchange doubled in an hour to a record level of more than $100,000 per tonne, as Russia's conflict with Ukraine fueled an already rising market
.
