New Progress in the Establishment of a Joint Venture in Indonesia by Huayou Cobalt Co., Ltd. Yiwei LiNeng wholly-owned subsidiary owns 17%.

Published: Jul 19, 2021 17:20

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[Huayou Cobalt Industry Indonesia Joint Venture New Development Yiwei LiNeng wholly-owned subsidiary holds 17%] since the beginning of this year, the overseas market layout of domestic enterprises has not diminished. Vision Power, Zhongwei shares, Xingyuan Materials, Tiansi Materials, New Zebang, Tiannai Technology, etc., have announced the establishment of overseas companies, or factories and construction projects. On the evening of July 15, Huayou Cobalt (603799) announced the progress of the establishment of a joint venture in Indonesia.

Since the beginning of this year, the overseas market layout of domestic enterprises has been unabated, and Vision Power, Zhongwei shares, Xingyuan Materials, Divine Materials, New Zebang, Tiannai Technology, etc., have announced the establishment of overseas companies, or factories and projects.

On the evening of July 15, Huayou Cobalt (603799) announced the progress of the establishment of a joint venture in Indonesia.

Huayou Cobalt Industry announced that it had previously disclosed that through wholly owned grandcompany Huayou International Cobalt Industry and Yonghui Holdings Co., Ltd., Glaucous International Pte.Ltd, Yiwei Asia Co., Ltd., LINDO INVESTMENT PTE. LTD. Signed "Indonesia Huayu Nickel Cobalt laterite Nickel Ore Wet smelting Project Joint Venture Agreement", proposed to establish a joint venture company Huayu Nickel Cobalt (Indonesia) Co., Ltd. (tentative name, English name "PT Huayu Nickel Cobalt", "joint venture company"). It is agreed that the joint venture company will build a laterite nickel ore hydrometallurgical project in Weda Bay Industrial Park, Indonesia, with an annual production scale of about 120000 tons of nickel metal and about 15000 tons of cobalt metal products. The total investment in the project is about US $2.08 billion, and the authorized capital at the time of the establishment of the joint venture company is US $10 million, of which Huayou International Cobalt Co., Ltd. has subscribed to US $2 million, with a stake of 20%.

Recently, the joint venture company has completed the registration procedures and obtained the business organization code documents issued by the competent authorities in Indonesia.

It is reported that the joint venture Huafei Nickel and Cobalt (Indonesia) Co., Ltd. has a registered capital of US $10 million, which is mainly engaged in the purification, smelting, mixing and pouring of basic forms of non-ferrous metals (ingots, billets, plates, rods (bars), pellets, blocks, sheets, pins, alloys, and metal powders).

Yiwei Asia, a wholly-owned subsidiary of Yiwei LiNeng (300014), is registered as a shareholder in the joint venture with a 17% stake.

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