GEM (SHE:002340) expects to continue growing despite an export ban on 12 minerals including cobalt and copper to Indonesia, Yicai Global reported, citing Vice President Pan Hua.
The nickel, cobalt, and tungsten recycler expects to self-supply its nickel and cobalt materials by expanding its production, the report said.
GEM expects a smelting capacity of 150,000 metal tons of mixed hydroxide precipitate per year in Indonesia, with 40% of the capacity in full operation, the report said. The company added 25,000 metal tons of production in October and will be set for commissioning, the report said.
The export ban on the 12 mineral resources comes after the island nation banned exports of nickel ore, an ingredient in ternary batteries for electric vehicles, the report said.
Shares jumped 5% during Monday's noon trading.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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