CNGR, Rigqueza Build US$243 Million Nickel Matte Factory in Sulawesi

By Editorial Team 09/04/2021
Summary

Chinese battery raw material producer CNGR Advanced Material Co. and Singaporean company Rigqueza International will establish a joint venture in Indonesia to produce nickel matte, a chemical used for electric vehicle batteries. The materials will be made in a US$243 million-worth smelter to be established in the Morowali industrial estate, Sulawesi.

The joint venture company, PT ZhongTsing New Energy, will produce 30,000 nickel matte per year. "The demand for nickel-based battery chemicals is increasing," said CNGR in a disclosure on the Shenzhen Stock Exchange, Thursday (4/8), as quoted by Reuters. The surging demands were triggered by the superiority of nickel matte-based batteries for their durability.

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