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    002340   CNE100000KT4

GEM CO., LTD.

(002340)
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GEM : China's GEM to invest in nickel and cobalt recycling project

06/29/2021 | 10:40am EDT

(Reuters) - Chinese battery materials producer GEM Co will invest 310 million yuan ($48 million) in a project to make 100,000 tonnes per year of battery-grade nickel and cobalt from recycling in central China's Hubei province, it said on Tuesday.

The investment - which GEM said was being made to mark the 100th anniversary of the founding of China's ruling Communist Party - comes as the company looks to roughly triple its annual battery precursor production to over 400,000 tonnes by 2025 to meet burgeoning demand from the electric-vehicle sector.

The project in the city of Jingmen, where GEM has an existing recycling base, will produce three battery-grade chemicals - nickel sulphate, cobalt sulphate and cobalt chloride - in equal measure, GEM said in a stock exchange filing.

The company, which is also pursuing a smelting project in Indonesia that will make battery-grade nickel and cobalt, said the Jingmen plant would take nine months to construct, with the funds to come from its own coffers and from bank loans.

($1 = 6.4640 Chinese yuan renminbi)

(Reporting by Tom Daly; Editing by Mark Potter)


© Reuters 2021
All news about GEM CO., LTD.
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Analyst Recommendations on GEM CO., LTD.
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Financials
Sales 2021 19 063 M 2 961 M 2 961 M
Net income 2021 1 263 M 196 M 196 M
Net Debt 2021 7 483 M 1 162 M 1 162 M
P/E ratio 2021 41,7x
Yield 2021 0,40%
Capitalization 53 384 M 8 296 M 8 292 M
EV / Sales 2021 3,19x
EV / Sales 2022 2,41x
Nbr of Employees 5 129
Free-Float 85,5%
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Mean consensus BUY
Number of Analysts 12
Last Close Price 11,16 CNY
Average target price 12,26 CNY
Spread / Average Target 9,83%
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Managers and Directors
Kai Hua Xu Chairman & General Manager
Meng Gang Mu Chief Financial Officer
Bo Zhou Chairman-Supervisory Board
Yun He Zhang Chief Engineer
Shu Jie Wu Independent Director