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China's GEM Co Ltd , a battery and material recycler, announced on Thursday a $500 million joint investment to build a nickel project in Indonesia.
The project, sited in Indonesia Morowali Industrial Park, will produce 20,000 tonnes per year of nickel intermediate product used in the new energy sector, according to the company's announcement.
GEM (Wuxi) Energy Materials, a wholly-owned company under GEM, holds a 51% share of the project, Singapore-based CAHAYA JAYA INVESTMENT PTE.LTD holds a 26% share, and Weiming (Hong Kong) International Holdings Limited an 18% share, the company said.