Huayou Cobalt Invests US$200 Mln in Indonesian Nickel Sulfate Project

By Editorial Team 26/07/2023
Ilustrasi smelter
Summary

China's Zhejiang Huayou Cobalt said it will invest in a US$200 million nickel sulfate project in Indonesia on Tuesday. The project will expand its production of the key battery raw material.

Reuters reported Huayou International Investment will build the 50,000 ton project in a joint venture with Singapore-based Strive Investment Capital and Lindo Investment PTE. The joint venture will be called Huaxiang Refining Indonesia.

Huayou also said that its mining unit Huayou International Mining plans to buy a 50.15 percent stake in privately owned Perlux Limited for US$200.4 million. The deal will give Huoyou ownership of two ferronickel production lines in Indonesia with an annual output of 24,000 metric tons of nickel content.

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