Hanrui Cobalt Industry Forms Joint Venture in Indonesia for Nickel Project, Injecting $59.6M via Hong Kong Subsidiary

Published: Oct 12, 2024 00:33

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Hanrui Cobalt Industry announced that in order to construct the "high-grade nickel matte project with an annual output of 20,000 tons of nickel metal by continuous oxygen-enriched smelting", its wholly-owned subsidiary Hanrui Cobalt Industry (Hong Kong) Investment Co., Ltd. signed a Joint Venture Agreement with Huaxin Investment Co., Ltd. Both parties agreed to register a joint venture company, Indonesia Hanrui Nickel Industry Co., Ltd., in the industrial park of Morowali Regency, Central Sulawesi, Indonesia. The company will invest an additional RMB 426,675,300 (equivalent to USD 59,585,700) in Indonesia Hanrui Nickel Industry Co., Ltd. through its Hong Kong subsidiary to meet the funding requirements for the construction project. After the capital increase, the shareholding ratio of the Hong Kong subsidiary will be 70%. The capital increase involves overseas investment and carries certain risks. (Cailian Press)

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