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Huayou seeks $2.7 billion for Ford-backed Indonesia nickel plant
Zhejiang Huayou Cobalt Co., one of the world’s largest nickel producers, is sounding out banks for roughly $2.7 billion in financing for its Ford Motor Co.-backed project in Indonesia, according to people familiar with the matter.
Huayou partnered on the project with Ford and miner PT Vale Indonesia to make battery-grade nickel for electric vehicles.
The Pomalaa plant, would use ‘high-pressure acid leaching’ technology, or HPAL, to make the nickel chemicals known as mixed hydroxide precipitate, from low-grade ores. It is expected to have annual nickel output of 120,000 tons, which would make it one of the biggest HPAL projects in the Southeast Asian country.
The total investment amount for the project would be about $3.8 billion, Huayou said in a filing last December. Huayou has a 73.2% stake, while Vale has 18.3%, and Ford has an initial 8.5% holding with an option to raise it to 17% within an agreed timeframe.
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- [Editor:邢亚敏]
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