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Chinese battery material maker CNGR Advanced Material Co said on Thursday it would set up a joint venture in Indonesia to produce nickel matte, used to make chemicals for electric car batteries, with a Singapore-based partner.
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(Reuters) - Chinese battery material maker CNGR Advanced Material Co said on Thursday it would set up a joint venture in Indonesia to produce nickel matte, used to make chemicals for electric car batteries, with a Singapore-based partner.
CNGR last month agreed to buy nickel matte - an intermediate product that can be processed into battery-grade nickel - from Tsingshan Holding Group. The surprise deal sent nickel prices plunging as the market sensed concerns of tight nickel supply could be overdone.
Now, Changsha-based CNGR is looking to produce matte itself in a $243 million smelting project in Tsingshan’s industrial park on the Indonesian island of Sulawesi.