China’s CNGR, Singapore-based firm to make nickel matte in Indonesia as battery demand grows

chinas cngr singapore based firm to make nickel matte in indonesia as battery demand grows

Sumary of China’s CNGR, Singapore-based firm to make nickel matte in Indonesia as battery demand grows:

  • BENGALURU (REUTERS) – Chinese battery material maker CNGR Advanced Material and Singapore-based Rigqueza International have set up a joint venture in Indonesia to produce nickel matte, used to make chemicals for electric car batteries..
  • 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 US$243 million (S$325.5 million) smelting project in Tsingshan’s industrial park on the Indonesian island of Sulawesi..
  • CNGR said in a filing with the Shenzhen Stock Exchange, noting a trend towards high-content nickel batteries with a longer lifespan..
  • CNGR will hold a 70 per cent stake in the joint venture, to be called ZhongTsing New Energy, according to the filing, with Rigqueza holding the remaining 30 per cent….

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