Weiming Environment announced on August 4 that it has entered into a joint investment agreement with Chengtun Mining, Yongqing Technology and Sunwoda to build a Li-ion battery materials production base in Wenzhou for up to RMB19.1 billion (USD2.83 billion). The proposed production base will produce high-nickel matte, high-nickel NCM precursor and high-nickel cathode material, with an annual production capacity of 200,000tpa of high-nickel NCM.
Weiming Environment will invest up to RMB3.45 billion (USD511 million) in the project. A joint venture will be set up to develop the project, with additional capital injection subject to project process.
