Weiming Environmental Protection said on the investor interactive platform on February 7 that the construction of the high-ice nickel project with an annual output of 40,000 tons of nickel-containing metal started in September 2022. At present, about 75% of the pile foundation construction has been completed, and the construction progress is in line with expectations, and the company aims to produce products within this year.
According to public information, this project, as the company's first new material project, was invested in cooperation with Merit International Capital Limited (" Merit Company ") in January last year, with an annual output of 40,000 tons of high-ice nickel containing metal, 70% of which is held by Weiming Singapore, a subsidiary of the company. Merit holds 30% with a total investment of up to $390 million.
Following this project, the company continues to carry out cooperation with Merit Company on high-ice nickel project, and has signed investment agreements on high-ice nickel projects with Xinwanda and Gremeizai respectively. At present, the total scale of high-ice nickel projects invested and owned by the company in Indonesia has reached 130,000 tons of high-ice nickel containing metal annually. As the raw material support of the company's Wenzhou lithium battery new material project, Gaobing Nickel project has solved the supply of raw materials and formed an industrial chain advantage.
