Huayou invests in $2.1bn Indonesia nickel project, teams up with EVE Energy

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Huayou invests in $2.1bn Indonesia nickel project, teams up with EVE Energy

Huayou Cobalt Co., one of the world’s leading suppliers of cobalt headquartered in the Economic Development Zone of Zhejiang, China, said last week that the cobalt mining tycoon would team up with electric vehicle battery maker EVE Energy alongside others in a $2.08 billion cobalt and nickel project in Indonesia, which is increasingly becoming a global tethering-point for EV battery supply chains.

Apart from its investment in Indonesia’s $2.08 billion nickel and cobalt project, Huayou had also laid off a stark upsum of $210 million to hold a stake in Chinese EV battery raw material producer Tianjin B&M Science and Technology Co, as the cobalt-focused Chinese mining company seems to be eyeing a top-tier spot in global rechargeable battery supply chain.

Huayou to invest in Indonesia’s $2.08bn cobalt and nickel project

On top of that, Huayou was also quoted saying on its statement released last week that the cobalt-centred Chinese mining company would hold a 20 per cent stake in the Indonesian venture, named as PT Huayu Nickel Cobalt, which in effect would be the third battery nickel smelter project for Huayou in Indonesia that has reportedly become a centre of substantial scale of significance for EV battery chemicals and raw materials such as nickel and cobalt.

In tandem, Huayou’s latest cobalt smelter project in Indonesia would be located at Weda Bay on Halmahera island, where Huayou had already teamed up with Tsingshan Holding in a nickel project, while the $2.08 billion project had been expected to generate 120,000 tons of nickel alongside 15,000 tons of cobalt per annum on a continuous basis, Huayou had unveiled in a regulatory filing with mainland Shanghai Stock Exchange last week.