On September 6, 2022, the company's wholly-owned subsidiary, Weiming (Hong Kong) International Holdings Limited, signed the Joint Venture Agreement on the Annual Production of 50,000 Tons of Nickel Metal in High-Grade Nickel Matte (Indonesia) Project with Merit International Capital Limited and GEM Co., Ltd.'s wholly-owned subsidiary, GEM Hong Kong International Logistics Limited. Leveraging their respective strengths and resources, the three parties will establish a joint venture company in Indonesia to jointly invest in, develop, and construct the project, which is designed to produce an annual output of high-grade nickel matte containing 50,000 tons of nickel metal. The total project investment will not exceed USD 448 million, with Weiming (Hong Kong) holding a 51% stake, Merit holding 26%, and GEM Hong Kong holding 23%.
This marks the company's third high-grade nickel matte project in the new energy materials sector, bringing its cumulative planned annual production capacity of nickel metal in nickel matte to 130,000 tons.