China apos;s CNGR To Make Nickel Matte In Indonesia As Battery Demand Grows

2021-05-30T11:19:04Z

CherylBernard75:

By Tom Daly April 8 (Reuters) - Chinese battery material maker CNGR Advanced Material Co said on Thursday it would set up a joint venture in Indonesia to produce nickel matte, [https://www.kynghidongduong.vn/tours/tour-trung-quoc-nam-ninh-truong-gia-gioi-phuong-hoang-co-tran-6-ngay.html kynghidongduong.vn] used to make chemicals for [https://www.kynghidongduong.vn/tours/tour-trung-quoc-nam-ninh-truong-gia-gioi-phuong-hoang-co-tran-6-ngay.html tour trương gia giới] electric car batteries, with a Singapore-based partner. CNGR last month agreed to buy nickel matte - an intermediate product that can be processed into battery-grade nickel - from Tsingshan Holding Group. The surprise deal sent nickel prices plunging as the market sensed concerns of tight nickel supply could be overdone. Now, Changsha-based CNGR is looking to produce matte itself in a $243 million smelting project in [http://www.homeclick.com/web/search/search.aspx?Ntt=Tsingshan%27s%20industrial Tsingshan's industrial] park on the Indonesian island of Sulawesi. The project with [https://www.behance.net/search?content=projects&sort=appreciations&time=week&search=Singapore-based%20Rigqueza Singapore-based Rigqueza] International will produce 30,000 tonnes of nickel matte a year, CNGR said. "Demand for ternary material nickel is accelerating," CNGR said in a filing to the Shenzhen Stock Exchange, noting a trend toward high-content nickel batteries with a longer lifespan. CNGR will hold a 70% stake in the joint venture, [https://www.kynghidongduong.vn/tours/tour-trung-quoc-nam-ninh-truong-gia-gioi-phuong-hoang-co-tran-6-ngay.html tour du lịch phượng hoàng cổ trấn] to be called PT ZhongTsing New Energy, according to the filing, with Rigqueza holding the remaining 30%. Rigqueza is registered in Singapore but it was not immediately clear if the company is related to Tsingshan. The first $81 million phase is set to produce 10,000 tonnes of matte on a nickel content basis, said the filing, which did not provide a targeted start-up date. The venture is the latest in a number of Chinese-backed projects in top nickel miner Indonesia, which banned nickel ore exports from the start of 2020 as it sought to establish a fully integrated battery industry at home. Chinese battery maker Contemporary Amperex Technology (CATL) plans to invest $5 billion in a lithium battery plant in the Southeast Asian country, Indonesian government officials have said. (Reporting by Tom Daly; Editing by Susan Fenton)

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2021-05-30T11:19:00Z

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China apos;s CNGR To Make Nickel Matte In Indonesia As Battery Demand Grows

User:CherylBernard75