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    603799   CNE100001VW3

ZHEJIANG HUAYOU COBALT CO.,LTD

(603799)
  Report
End-of-day quote Shanghai Stock Exchange  -  2022-11-29
62.51 CNY   +0.21%
11/29Zimbabwe says China's Tsingshan to set up lithium operations
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11/13Huayou Cobalt to Invest $49 Million in Indonesian Nickel JV With Vale; Shares Up 4%
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Nickel miner Vale Indonesia signs HPAL deal with China's Huayou

09/13/2022 | 09:27am EST
A worker poses with a handful of nickel ore at the nickel mining factory of PT Vale Tbk, near Sorowako

JAKARTA (Reuters) - Nickel miner PT Vale Indonesia on Tuesday signed an agreement with China's Zhejiang Huayou Cobalt to build a second high-pressure acid leach (HPAL) plant to produce nickel material used in batteries to power electric vehicles.

Under the heads of agreement, Vale and Huayou plan to build an $1.8 billion HPAL plant in Sorowako, South Sulawesi, to produce 60,000 tonnes of nickel in mixed hydroxide precipitate (MHP), chief executive Febriany Eddy told reporters.

Vale in April had also signed a deal with Huayou to develop an HPAL plant in Pomalaa, Southeast Sulawesi, to produce 120,000 tonnes of MHP. U.S. carmaker Ford Motor Co. later joined the partnership for this plant.

Similar to the agreement for Pomalaa, Huayou would also build the plant in Sorowako with Vale reserving the rights to buy stake at the plant, chief financial officer Bernardus Irmanto added.

Febriany said a final investment decision (FID) for the Pomalaa plant is expected by the end of this year and a FID for Sorowako to follow next year.

Construction of each plant would take around three years at the most, she said.

"These are strategic projects for Vale because they will produce MHP, which is a material for electric car batteries," Febriany added.

Indonesia is keen to utilise its rich nickel reserves to attract investment into metal processing, production of electric vehicle battery material and ultimately building EVs in the country.

The government had banned exports of unprocessed nickel ore to ensure sufficient supplies for investors, which include major metal companies from China, as well as South Korean companies such as LG Energy Solution and Hyundai Motor.

Last week, Vale also signed a $2.1 billion deal with China's Shandong Xinhai Technology and a unit of China Baowu Steel Group to build a refinery to produce ferronickel.

Vale's most recent nickel refinery deals:

Location Investment Partners Planned Expected

capacity completion

Bahodopi, $2.1 bln Shandong Xinhai 73,000 2025

Central Technology Co. tonnes to

Sulawesi Ltd, Taiyuan 80,000

iron & Steel tonnes of

Co. Ltd (a unit nickel in

of China Baowu ferronickel

Steel Group)

Pomalaa, $4.5 bln Zhejiang Huayou 120,000 2025

Southeast for mine, Cobalt, Ford tonnes of

Sulawesi refinery Motor Co. nickel in

and other mixed

facilities hydroxide

precipitate

(MHP)

Sorowako, $1.8 bln Zhejiang Huayou 60,000 2026

South Cobalt tonnes of

Sulawesi nickel in

MHP

(Reporting by Fransiska Nangoy, Bernadette Christina Munthe; Editing by Ed Davies)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
FORD MOTOR COMPANY 1.29% 14.08 Delayed Quote.-33.80%
HYUNDAI CORPORATION 0.83% 18150 End-of-day quote.8.04%
HYUNDAI MOTOR COMPANY 0.00% 169000 End-of-day quote.-19.14%
LG ENERGY SOLUTION, LTD. 3.53% 587000 End-of-day quote.0.00%
PT VALE INDONESIA TBK 1.03% 7375 End-of-day quote.57.59%
ZHEJIANG HUAYOU COBALT CO.,LTD 0.21% 62.51 End-of-day quote.-26.33%
All news about ZHEJIANG HUAYOU COBALT CO.,LTD
11/29Zimbabwe says China's Tsingshan to set up lithium operations
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09/13Nickel miner Vale Indonesia signs HPAL deal with China's Huayou
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More news
Financials
Sales 2022 64 118 M 9 052 M 9 052 M
Net income 2022 4 543 M 641 M 641 M
Net Debt 2022 15 325 M 2 163 M 2 163 M
P/E ratio 2022 22,0x
Yield 2022 0,62%
Capitalization 99 886 M 14 101 M 14 101 M
EV / Sales 2022 1,80x
EV / Sales 2023 1,41x
Nbr of Employees -
Free-Float 70,5%
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Number of Analysts 10
Last Close Price 62,51 CNY
Average target price 88,73 CNY
Spread / Average Target 41,9%
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Managers and Directors
Hong Liang Chen Managing Director
Yan Hu Chief Financial Officer & Deputy General Manager
Xue Hua Chen Chairman
Zhong Yuan Chairman-Supervisory Board
Bo Lin Qian Independent Director