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Biz News Korea(Eng)

EcoPro acquires 9% stake in Indonesian nickel refinery

Collected: 2024.03.25

Distributed: 2024.03.26

Source: Go Direct

[Courtesy of EcoPro]

South Korea’s EcoPro said on Monday that it recently invested around $11 million to acquire a 9 percent stake in Green Eco Nickel, a nickel smelter operated in Indonesia by Chinese precursor producer Green Eco-Manufacture (GEM), one of the world’s largest battery recyclers.

Located on Sulawesi Island in Indonesia, Green Eco Nickel is a refinery that produces about 20,000 tons of nickel annually. Indonesia is recognized as the country with the largest nickel reserves and production volume worldwide.

With the investment, EcoPro will secure additional volumes of nickel corresponding to its investment stake. Nickel is a crucial mineral for secondary batteries and EcoPro plans to gradually increase its stake in Green Eco Nickel in response to the U.S. Inflation Reduction Act (IRA).

EcoPro Materials aims to produce about 200,000 tons of precursors by 2027. EcoPro estimates that it will need to secure some 100,000 tons of nickel on a stable basis to achieve this goal.

EcoPro previously, expanded its nickel supply chain via investments in nickel refinery QMB in the Indonesia Morowali Industrial Park (IMIP). QMB produces a total of 50,000 tons of nickel annually.

The nickel obtained from Indonesia is converted into precursors after being transformed into nickel sulfate, which is then supplied to cathode material producers EcoPro BM and EcoPro EM, both of which are under the EcoPro group.

EcoPro continues its efforts to diversify its supply chain, including investments in nickel refineries, to secure stable quantities in the competition for secondary battery raw materials and enhance price competitiveness.

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