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    002340   CNE100000KT4

GEM CO., LTD.

(002340)
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End-of-day quote Shenzhen Stock Exchange  -  2022-12-01
8.150 CNY   +0.12%
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GEM : China's Easpring to buy nickel, cobalt chemicals from Lygend project in Indonesia

02/04/2021 | 07:56am EST

(Reuters) - China's Beijing Easpring Material Technology Co, a supplier of materials for lithium-ion batteries, has signed an eight-year deal to buy nickel and cobalt sulphate from compatriot Lygend Mining's smelting project in Indonesia.

A joint venture between Lygend and Indonesia's Harita Group which is building a high-pressure acid leach (HPAL) project on Obi island will supply Easpring with 5,400-18,630 tonnes per year of nickel raw materials,on a metal content basis, from 2021, Easpring said in a stock exchange filing on Thursday.

The smelter is one of several Indonesian projects being watched by a global market hungry for timely supply of nickel and cobalt chemicals used in electric-vehicle batteries as demand rises.

The procurement agreement envisages annual supply of cobalt byproducts of 675-2,289 tonnes on a metal content basis, the filing said, adding Easpring would source nickel sulphate, cobalt sulphate and nickel hydroxide intermediates.

The deal is the second long-term customer win for Lygend and Harita in six months after China's GEM Co, which is building its own HPAL smelter in Indonesia, said in September it would buy nickel and cobalt sulphate from the Obi project, also over an eight-year period.

A Lygend official said in November that the company's HPAL project was scheduled to start up in March this year - six months later than previously planned after coronavirus restrictions slowed work.

Over the full eight years of the Easpring contract, the Lygend HPAL project will supply 43,200-149,040 tonnes of nickel raw materials and 5,400-18,312 tonnes of cobalt byproducts, the filing said.

(Reporting by Tom Daly; editing by Jason Neely)

By Tom Daly


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BEIJING EASPRING MATERIAL TECHNOLOGY CO.,LTD. -0.45% 62.52 End-of-day quote.-28.03%
GEM CO., LTD. 0.12% 8.15 End-of-day quote.-21.26%
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Financials
Sales 2022 27 973 M 3 985 M 3 985 M
Net income 2022 1 521 M 217 M 217 M
Net Debt 2022 6 530 M 930 M 930 M
P/E ratio 2022 27,0x
Yield 2022 0,54%
Capitalization 41 855 M 5 963 M 5 963 M
EV / Sales 2022 1,73x
EV / Sales 2023 1,39x
Nbr of Employees 7 011
Free-Float 88,4%
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Number of Analysts 10
Last Close Price 8,15 CNY
Average target price 9,09 CNY
Spread / Average Target 11,5%
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Managers and Directors
Kai Hua Xu Chairman
Meng Gang Mu Chief Financial Officer
Bo Zhou Chairman-Supervisory Board
Yun He Zhang Chief Engineer
Shu Jie Wu Independent Director
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