EcoPro said it has secured a 9% stake for US$11 million in a nickel refinery run by China’s GEM in Indonesia.
Green Eco Nickel is in Sulawesi Island and produces 20,000 metric tonnes of nickel per year.
EcoPro said it will secure nickel from the refinery equivalent to its stake.
The South Korean chemical firm said it may secure additional shares in another refinery in Indonesia to respond to the US Inflation Reduction Act.
EcoPro is aiming to secure a battery cathode precursor production capacity of 200,000 metric tonnes per year by 2027.
This means it will need to secure 100,000 metric tonnes of nickel per year as well.
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