Posted on 28 Mar 2024
Shenzhen-listed battery recycler GEM says its joint venture GEM (Indonesia) New Energy Material secured $119 million in new investment to advance its nickel project in Indonesia, Kallanish reports.
According to GME’s announcement, the new investment was approved by a recent board meeting. It will enable the “high-quality” development of laterite resources and help Indonesian local miners expand the industry chain. The battery recycler says the transaction “introduces strategic shareholders, optimises the ownership structure, and integrates mineral resources, geopolitics, smelting technology, material manufacturing technology and the global competitive advantage.”
The project aims to produce 20,000 nickel metal tonnes/year of nickel intermediates using Indonesian laterite nickel resources. It is expected to surpass design capacity and reach an annual production capacity of 23,000 t. The project is located in the Morowali Industrial Park of Central Sulawesi Province of Indonesia.
The JV developing the project is 60% owned by GEM Hong Kong International Logistics and 40% by New Horizon International.
The subscribed capital contribution of GEM (Indonesia) New Energy Material will be increased from $1m to $120m. After the transaction, GEM will hold a 58% stake in the company. Other shareholders will include H&K International Investment (13%), Indigo International Investment’s wholly-owned subsidiary Darrow International PTE (10%), South Korean high-nickel cathode company Eco Pro (9%), Quality (HK) International Engineering (8%), and GEM’s Gelinte (2%).
Source:Kallanish
