Korea Zinc pulls $1.8 billion share sale plan after probe
The world’s largest zinc smelter has been caught up for months in a fight between its largest shareholders over strategy and direction.
Indonesian nickel miner PT Vale Indonesia expects to complete construction by 2025 of a high-pressure acid leaching plant to produce nickel minerals used in electric vehicle (EV) batteries, its director said on Monday.
Vale on Sunday broke ground on the plant, which is expected to have a production capacity of 120,000 tonnes of nickel in mixed hydroxide precipitate per year, making it the biggest in the world yet.
“Construction is estimated to be completed at the end of 2025,” said Vale Indonesia director Bernardus Irmanto.
Vale worked with Zhejiang Huayou Cobalt to build the plant in the nickel-rich Pomalaa region in Indonesia’s Sulawesi island, with a total investment of 67.5 trillion rupiah ($4.29 billion), Vale CEO Febriany Eddy said on Sunday.
Under the agreement, Huayou will develop the Pomalaa project in Southeast Sulawesi and Vale will have rights to acquire up to 30% stake in the project, Vale said previously, adding that it would supply nickel ore for the project.
Indonesia has ambitions to build a homegrown EV industry.
($1 = 15,730.0000 rupiah)
(By Bernadette Christina; Editing by Kanupriya Kapoor)
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