Weiming Environmental Protection overseas investment high matte nickel project annual output of high matte nickel metal 40,000 tons!

On January 5, Weiming Environmental Protection issued an announcement on foreign investment in high nickel matte projects. The relevant announcements are as follows:

Investment project name: laterite nickel smelting project with an annual output of 40,000 tons of high matte containing nickel (Indonesia) (hereinafter referred to as "high matte project" or "this project"), and the newly established joint venture subsidiary PT.JiaMan New Energy Indonesia (hereinafter referred to as "project company").

Project scale and investment amount: Zhejiang Weiming Environmental Protection Co., Ltd. (hereinafter referred to as "the company") plans to invest in and build a high matte project with an annual output of 40, 000 tons of high matte containing nickel metal, with a total investment of no more than US $390 million. The company's own funds and bank loans shall not exceed RMB 1.739 billion (estimated at the exchange rate of US $1 = RMB6.37 on January 4, 2022) to invest in the project.

Special risk hint: this project is based on the needs of the company's strategic development and the judgment of the market prospect of the new energy industry, but there are uncertainties in the development trend of the industry and changes in the market quotation, and will have an uncertain impact on the realization of future business benefits. The future price trend of nickel non-ferrous metals, the main product of this investment, is uncertain. If the nickel price fluctuates sharply, it will bring uncertainty to the profitability of the project. The company will strengthen management to reduce the risk of price fluctuations. This investment involves overseas investment and needs to be examined and approved by relevant government departments. The joint venture agreement has not yet been signed. There is some uncertainty about whether the project can be implemented smoothly and whether it can meet the expectations after implementation.

I. basic information of the joint venture party

Company name: Merit International Capital Limited (hereinafter referred to as "Merit Company") Chinese name: Manette International Capital Co., Ltd.

Nature of enterprise: limited liability company

Place of registration: RM 1528,15max F BEVERLEY COMM CTR 87-105CHATHAM RD TST KLN HONG KONG

Director: Yi Songmin

Scope: investment

: Indigo International Investment Limited holds a 100% stake in Merit.

The main financial indicators of the last year: Merit company has been established for less than one year, and the latest financial statements are not yet available.

There is no association between Merit and the company.

II. Basic situation of outward Investment

(1) basic information of the project

The high matte project, with an annual output of 40, 000 tons of nickel-containing metal, is located in (IWIP), Weda Bay Industrial Park, Hama Hera Island, Indonesia, with a total investment of no more than 390 million US dollars. According to the company's share ratio, the amount of outbound investment is no more than 273 million US dollars, equivalent to 1.739 billion yuan (estimated at the exchange rate of 1 US dollar = 6.37 yuan on January 4, 2022).

(2) the establishment of new subsidiaries

The company plans to set up a joint venture project company with Merit International Capital Limited, a wholly-owned subsidiary of Indigo, which will be tentatively named as PT.JiaMan New Energy Indonesia, in English and tentatively named as Jiaman New Energy Co., Ltd in Chinese; residence: Jakarta, Indonesia; the organizational form of the project company is a limited liability company; business scope: industrial production and sales of high nickel matte; sales of by-products produced in the production process; trade. The above information is subject to the registration of the Indonesian company registration authority. The authorized capital of the project company is US $1 million, and the company holds 70% of the shares held by Merit.

III. The impact of foreign investment on the company

This time, the company cooperates with Merit in the field of new materials and new energy for environmental protection, and intends to develop low-grade nickel ore or tailings utilization technology, lay out the new energy industry chain, and build an international leading environmental protection energy enterprise, which is in line with the company's long-term development strategy. The implementation of this project will not have a significant impact on the company's performance in 2022, but will have a positive impact on the company's future business development and operating performance improvement.

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