CNGR (CNGR Advanced Materials Co., Ltd., stock code: 300919. SZ) announced on the evening of June 22 that it plans to invest in a 110,000-tonne high-nickel precursor project via its wholly-owned subsidiary with POSCO Future M in South Korea. The total investment is about 6.1 billion yuan with CNGR holding 80% of the shares. At the same time, they will establish a nickel refinery in South Korea that entails a fixed investment of about 2.2 billion yuan, with CNGR and POSCO Holdings holding 40% and 60% of the shares respectively.
Written by Alex Xie, xiehan@mysteel.com
Edited by Aggie Hu, huchenying@mysteel.com
Relative news: FLASH: CNGR and POSCO to build first overseas refining and precursor integrated base
