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….