China-based GEM is looking to raise its stake in an Indonesian nickel project to secure its supply chain. The company manufactures electric vehicle batteries. GEM’s Jingmen unit plans to increase the stake in Indonesia’s Morowali Industrial Park to 72pc from the present 36pc.
The plant will have the capacity of producing 50,000mt of chemicals required in the manufacturing of EV batteries. It was planned in 2018 by GEM in association with stainless steelmaker Tsingshan Group, Japan-based trading Hanwa and Indonesia’s Morowali Industrial Park and Guangdong Brunp.
After the move, Guangdong Brunp’s stake will reduce to 10pc from the present 25pc, Hanwa’s stake would be at 8pc while that of Morowali Park at 10pc.