Hanrui Cobalt to invest in electrowinning nickel and nickel sulfate project

Hanrui Cobalt announced on June 5 that it plans to raise no more than RMB2.353 billion (USD346.88 million) through a private placement of shares to specific investors. After deducting issuance expenses, the proceeds will be used for the construction of an annual 40,000tpy electrowinning nickel and 40,000tpy (nickel metal equivalent) battery-grade nickel sulfate project, as well as to supplement working capital.

According to the announcement, the project has a total investment of RMB2.003 billion (USD295.28 million) and a construction period of 24 months. The company will utilize its own land to build a production line that processes high-grade nickel matte into electrolytic nickel and battery-grade nickel sulfate. This initiative will enable Hanrui Cobalt to extend its operations from upstream nickel raw materials to downstream refined products, creating an circular ecosystem across the nickel value chain, from resources to materials, and further perfecting the company's strategic "cobalt-copper-nickel" integrated industrial chain.