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    002460   CNE100000SF6

GANFENG LITHIUM CO., LTD.

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Ganfeng Lithium : may make EV battery nickel chemicals in Indonesia - exec

09/27/2021 | 02:33am EDT

(Reuters) - China's Ganfeng Lithium Co Ltd, the world's biggest lithium company by market capitalisation, is considering making nickel chemicals for electric vehicle (EV) batteries in Indonesia, its vice chairman told Reuters.

Ganfeng earlier this year agreed to buy nickel ore from Indonesia-focused miner Silkroad Nickel Ltd and is set to invest up to $30 million in the Singapore-listed company.

"We are about to close the deal and after that we are studying making downstream chemicals," Wang Xiaoshen said in an interview for the upcoming Reuters IMPACT conference.

The move would see Ganfeng, which supplies lithium to automakers including U.S. EV leader Tesla Inc, add production of another battery metal to its portfolio and become the latest Chinese company to pursue nickel smelting in Indonesia.

"Of course, we are closely watching the Indonesian national policy for nickel exports," Wang said. "So we will decide when the policy is clear what product is suitable to be produced in Indonesia. Definitely that would be supplies for the battery supply chain."

Indonesia, the world's biggest nickel miner, banned exports of nickel ore from 2020 to process more resources at home and set up a complete EV battery supply chain.

In addition, Indonesia is exploring levying an export tax on nickel products with less than 70% nickel content.

"We are evaluating all the options, including building the process ourselves" or third-party processing, Wang said.

Ganfeng occasionally buys nickel for production of nickel-cobalt-manganese (NCM) battery precursors to supplement its main source of supply - battery recycling, Wang explained.

To make the precursor business scalable, some nickel and cobalt will have to come from a more stable source, he said.

News that Ganfeng is thinking of producing nickel chemicals comes as one of the biggest investors in that space, Tsingshan Holding Group, is venturing into lithium in Indonesia.

Wang said it was "natural" for newcomers to join the industry given high lithium prices, which are up almost 200% this year on resurgent demand.

Ganfeng has also faced competition from an unnamed battery maker over its latest acquisition target, Argentina-focused Millennial Lithium Corp. It has until Monday to match or better the battery maker's offer for Millennial, which was higher than its own.

"We still have not made the final decision but we believe our original offer is a reasonable price," Wang said on Friday. "Even if the market is very hot we still need to keep our mind cool."

Register for Reuters IMPACT here: https://reutersevents.com/events/impact

(Reporting by Tom Daly; Editing by Christopher Cushing)

By Tom Daly


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GANFENG LITHIUM CO., LTD. -2.45% 167.79 End-of-day quote.65.80%
SILKROAD NICKEL LTD. 1.28% 0.395 End-of-day quote.0.00%
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Financials
Sales 2021 9 942 M 1 557 M 1 557 M
Net income 2021 2 711 M 425 M 425 M
Net Debt 2021 4 268 M 669 M 669 M
P/E ratio 2021 83,3x
Yield 2021 0,37%
Capitalization 229 B 35 831 M 35 835 M
EV / Sales 2021 23,4x
EV / Sales 2022 15,5x
Nbr of Employees 5 533
Free-Float 52,3%
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Ganfeng Lithium Co., Ltd. Technical Analysis Chart | 002460 | CNE100000SF6 | MarketScreener
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Number of Analysts 19
Last Close Price 167,79 CNY
Average target price 215,92 CNY
Spread / Average Target 28,7%
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Liang Bin Li Chairman & President
Man Ying Yang Chief Financial Officer & Vice President
Hua'an Huang Chairman-Supervisory Board
Jun Liu Independent Non-Executive Director
Sze Wing Wong Independent Non-Executive Director
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