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GEM (002340, SZ) inks deal with PT. HPAL to buy nickel, cobalt materials

September 04, 2020


Abstract : GEM (002340, SZ), a leading Chinese enterprise in recycling industry, announced recently that it signed a strategic cooperation agreement with PT Halamahera Persada Lygend (HPAL), a Indonesia-based rare metal materials provider, to buy nickel and cobalt materials from the latter.

GEM.png

The file photo shows an exterior view of GEM headquater in Shenzhen, South China's Guangdong Province.

BEIJING, Sept. 4 (Xinhua) -- GEM (002340, SZ), a leading Chinese enterprise in recycling industry, announced recently that it signed a strategic cooperation agreement with PT Halamahera Persada Lygend (HPAL), a Indonesia-based rare metal materials provider, to buy nickel and cobalt materials from the latter. 

Under the agreement, HPAL will supply nickel raw materials in the amount ranging from 

74,400 tonnes to 178,560 tonnes to the Shenzhen-listed company and cobalt by-products between 9,296 tonnes and 22,320 tonnes within eight years from 2021. 

With the rapid development of the global new energy vehicle (NEV) industry, nickel resource, a key raw material for NEV power batteries, has become a global scarce resource. In particular, the scarcity of nickel resources in China could hardly meet the huge domestic demand.

As HPAL has a nickel hydrometallurgy project to be put into operation soon, the cooperation with HPAL will secure nickel supply to GEM for its battery business development and further stabilize its share in the global battery market, according to GEM.

HPAL is a joint venture (JV) by Indonesia's reputable Harita Group and China's Ningbo Lygend Resources & Technology Co., Ltd.

(Edited by Li Shimeng, Hu Pingchao with Xinhua Silk Road, lishimeng@xinhua.org, hupingchao@xinhua.org)

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Keyword: NEV HPAL GEM

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