Indonesia Miner
Welcome to Indonesia Miner
Home / Directory / List News / Detail News

Vale Indonesia, China's Huayou sign agreement with Ford for nickel plant

www.reuters.com

Thu 21 Jul 2022, 08:34 AM

Share

Events

Nickel miner Vale Indonesia, China's Zhejiang Huayou Cobalt and U.S. car maker Ford Motor signed a non-binding memorandum of cooperation to build a plant in Indonesia to extract nickel chemicals, Vale said in a statement on Thursday.

The companies plan to create a partnership to build a plant to produce 120,000 tonnes per annum of mixed hydroxide precipitate, material extracted from nickel ore that would be used in batteries for electric vehicles.

Vale said the new partnership with Ford will be built on its framework agreement with Huayou, signed in April. Under the April agreement, Huayou will develop the project in Southeast Sulawesi and Vale will have rights to acquire up to a 30% stake in the project.

"This three-way relationship is a creative way to secure the nickel Ford needs to help deliver millions of EVs for our customers and it keeps our environmental, social and governance goals front and center in the process," Lisa Drake, Ford's vice president of EV industrialization, said in the statement.

"Not only will this partnership with Ford and PT Vale bring to our customers stable and sustainable supply, but also will benefit the increasingly robust EV industry and Indonesian economy," Huayou's Executive Vice Chairman, George Q. Fang, said in the statement.

The project is expected to be completed in 2025.

Indonesia is keen to utilise its rich nickel reserves to attract investment into metal processing, production of EV batteries material and building EV onshore.

The government from 2020 banned export of unprocessed nickel ore to ensure supply for existing and potential investors.

Source: https://www.reuters.com/markets/commodities/vale-indonesia-chinas-huayou-sign-agreement-with-ford-nickel-plant-2022-07-21/

Image source: www.reuters.com

Source Link: https://www.reuters.com/markets/commodities/vale-indonesia-chinas-huayou-sign-agreement-with-ford-nickel-plant-2022-07-21/

Advertisement

Relate News

News
27 Jun 2022, 08:26 AM

Thiess awarded AUS$1.7 billion contract

www.worldcoal.com
3602 Views
News
31 Jul 2024, 10:59 AM

Vale (INCO) Believes Nickel Prospects Remain Solid Despite Difficult EV Adoption

NYSE./Bloomberg-Michael Nagle
1305 Views
News
17 Aug 2023, 12:00 PM

Stainless Steel Smelter Included on Trimegah Bangun Project Pipeline (NCKL)

Dok/NCKL
2896 Views
News
10 Jan 2024, 08:00 AM

Indika Energy (INDY) Secures IDR 4.64 Trillion Loan from Bank Mandiri and BNI

Bisnis/Arief Hermawan P
2497 Views
Hello! We would like to talk to you.Please fill the details below to start chatting with us.