CNGR Advanced Material (SHE:300919) terminated its planned nickel refinery joint venture with POSCO Holdings (KRX:005490) amid ongoing shifts in the electric vehicle market and rising operational costs.
The project aimed to establish a refinery in Pohang, South Korea, with the company holding a 40% stake and POSCO Holdings 60%, according to a Wednesday filing with the Shenzhen bourse.
The estimated investment was about 2.2 billion yuan.
Shares of the battery company closed 2% higher Wednesday.
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