China's GEM to build a $500 mln joint nickel project in Indonesia

Reuters · 05/11/2023 05:11
China's GEM to build a $500 mln joint project in Indonesia

- China's GEM Co Ltd 002340.SZ, a battery and material recycler, announced on Thursday a $500 million joint investment to build a project in Indonesia.

The project, sited in Indonesia Morowali Industrial Park, will produce 20,000 tonnes per year of intermediate product used in the energy sector, according to the company's announcement.

GEM (Wuxi) Energy Materials, a wholly-owned company under GEM, holds a 51% share of the project, Singapore-based CAHAYA JAYA INVESTMENT PTE.LTD holds a 26% share, and Weiming (Hong Kong) International Holdings Limited an 18% share, the company said.

(Reporting by Siyi Liu and Dominique Patton
Editing by Mark Potter)