Chinese battery metal company GEM (SHE:002340) signed a project investment cooperation agreement with Vale Indonesia (IDX:INCO) to construct a $1.42 billion nickel plant in Indonesia, according to a Monday filing with the Shenzhen Stock Exchange.
Both companies signed the deal to collaborate on net zero nickel production with Indonesian President Prabowo Subianto in attendance.
The plant on Sulawesi Island will have a production capacity of 66,000 tons of mixed hydroxide precipitate annually, the filing said.
Shares closed 3% lower during Monday's trading.
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