China Minmetals Corp. unit China Metallurgical Group Corp. launched the initial phase of a new energy battery project in China's Tangshan city, which will annually produce 40,000 tonnes of nickel-cobalt-manganese hydroxides, and 20 tonnes of high-purity scandium oxide, Reuters reported Dec. 24.
The project will cost more than 4 billion Chinese yuan across two phases, targeting annual production of 60,000 tonnes of nickel-cobalt-manganese hydroxides and 40 tonnes of scandium oxide after the second phase.
The products are in demand from the new energy vehicles, energy storage and power generation sectors.
Chinese electric vehicle maker BYD Co. Ltd. and battery producer Guoxuan High-Tech Co. Ltd. are also involved in the project.
The company said it will carry out investment for the next stage depending on the market trend and production situation of the first phase.
As of Dec. 21, US$1 was equivalent to 6.91 yuan.