TaiShang
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Chinese Miner Joins Scramble for Car Battery Materials With $1.28 Billion Indonesia Project
By Ke Dawei
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.
Huayou is already a major player in producing raw materials for batteries, but has courted controversy over labor conditions in its cobalt mines in the Democratic Republic of Congo, which were estimated to supply around 20% of the material used in Apple Inc. products’ batteries as of 2016, according to a Washington Post report.
https://www.caixinglobal.com/2018-1...assive-electric-car-production-101341692.html
By Ke Dawei
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.
Huayou is already a major player in producing raw materials for batteries, but has courted controversy over labor conditions in its cobalt mines in the Democratic Republic of Congo, which were estimated to supply around 20% of the material used in Apple Inc. products’ batteries as of 2016, according to a Washington Post report.
https://www.caixinglobal.com/2018-1...assive-electric-car-production-101341692.html
