GEM to build high-nickel NCM precursor project in Indonesia

GEM plans to set up a new high-nickel NCM precursor plant through its wholly-owned subsidiary Fuan Qingmei Energy Materials Co., Ltd. and New Horizon International Holding Limited at the Indonesia Morowali Industrial Park (IMIP) in Central Sulawesi, Indonesia as the company aims to establish a complete industrial chain from laterite nickel ore to ternary materials after its QMB project reached full capacity of 30,000 metal tonnes of nickel per annum for the phase one production. With total investment of RMB1.1 billion (USD150 million), Qingmei Energy Materials, the proposed new Indonesian unit, will use MHP produced from QMB project as the raw material to produce high-nickel NCM precursor.

In addition, to expand local industrial chain and boost development of laterite nickel ore, and effectively respond to US Inflation Reduction Act (IRA), GEM's wholly-owned subsidiaries GEM Hong Kong International Co., Ltd. and New Horizon International Holding Limited and holding subsidiary GEM (Singapore) International Investment PTE. Ltd. entered into a joint investment agreement with PT Sulawesi Industri Parama, 100% owned by PT Merdeka Battery Materials Tbk (MBM), and target company PT ESG New Energy Material to build laterite nickel ore wet smelting (nickel intermediate) plant with an annual production capacity of 30,000 metal tonnes of nickel at IMIP for investment of up to USD600 million.