Chinese Battery Maker EVE To Invest In Lithium Production: Report

0
206
  • It previously taken a small stake in cobalt producer Zhejiang Huayou Cobalt and a 17 per cent interest in a $2.1 billion nickel and cobalt project alongside Huayou in Indonesia
  • EVE, based in Huizhou in southern China, said in an exchange filing it planned to take 28.1 per cent equity in Jinkulun Lithium Industry Co

As per a report by Reuters, Chinese battery maker EVE Energy said it will take a stake in a small lithium producer and establish a joint venture to build a lithium chemicals project costing up to 1.8 billion yuan ($277.8 million).It previously taken a small stake in cobalt producer Zhejiang Huayou Cobalt and a 17 per cent interest in a $2.1 billion nickel and cobalt project alongside Huayou in Indonesia.

The report added that EVE, based in Huizhou in southern China, said in an exchange filing it planned to take 28.1 per cent equity in Jinkulun Lithium Industry Co, which makes lithium metal in China’s northwestern Qinghai province, known for its lithium salt lakes. As per the report, the two companies agreed to set up a Qinghai-based venture 80 per cent owned by and 20 per cent owned by Jinkulun to build a plant to make 30,000 tonnes per year of battery chemicals lithium carbonate and lithium hydroxide, EVE said.

Conducive to improving the stability of the company’s supply chains

First-phase output would be 10,000 tonnes which will put the total project construction time at no more than 36 months. EVE said the venture was “conducive to improving the stability of the company’s supply chains” and could reduce the adverse impact of raw material price fluctuations.

The report added that prices for battery-grade lithium carbonate in China, as assessed by Asian Metal, have fallen about two per cent in the past month but are still up more than 65 per cent so far in 2021.

LEAVE A REPLY

Please enter your comment!
Please enter your name here