China’s Zhejiang Huayou Cobalt is reportedly planning to form a joint venture (JV) with EVE Energy and others for a $2.08bn nickel and cobalt project in Indonesia.

The Chinese company will own a 20% stake in the new venture, which would be called PT Huayu Nickel Cobalt. EVE will own a 17% stake, reported Reuters.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The other JV partners include Glaucous International with a 30% interest and Lindo Investment with a 2% holding.

The remaining 31% stake will be held by Yongrui Holdings, which is a wholly owned unit of Yongqing Technology, a subsidiary of Indonesian nickel producer Tsinghan.

Expected to produce 120,000tpa of nickel and 15,000tpa of cobalt, the new project will be located at Weda Bay on Halmahera island.

Huayou is currently working with Tsingshan on a nickel sulphate project at the Weda Bay in Halmahera Island, Indonesia.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Separately, Zhejiang Huayou Cobalt plans to invest $210m to acquire a stake in Chinese battery materials producer Tianjin B&M Science and Technology (B&M), Reuters reported.

The firm will acquire a 38.62% stake in the company from Hangzhou Hongyuan Equity Investment.

Last month, Nickel Mines increased its stake in the Angel Nickel project in Indonesia from 30% to 50%.

The firm purchased the additional 20% stake in Angel Capital, a Singaporean holding company that owns the Angel Nickel project.

Located on Halmahera Island in the North Maluku province, the Angel Nickel project features four RKEF lines and a 380MW power station.

The project is planned to be commissioned no later than 16 October 2022.