At 10:18 AM local time on September 28, 2022, pile drivers commenced construction at the Jiaman Project in the Weda Bay Industrial Park on Halmahera Island, Indonesia, marking the official groundbreaking of the company’s first high-grade nickel matte project in the country.
As the company’s inaugural new materials project, the Jiaman Project was jointly invested with Merit International Capital Limited (“Merit”) in January this year. It targets an annual production capacity of 40,000 tons of nickel metal content in high-grade nickel matte, with Weiming Singapore Pte. Ltd. (a subsidiary) holding 70% equity and Merit holding 30%, under a total investment cap of USD 390 million.
Following this project, the company expanded collaboration with Merit, partnering with Sunwoda and GEM to sign additional high-ice nickel investment agreements. To date, the company’s high-grade nickel matte projects in Indonesia have reached a total annual capacity of 130,000 tons of nickel metal from high-grade nickel matte. These projects provide raw material support for the company’s Wenzhou Lithium Battery New Materials Project, ensuring supply chain stability and strengthening industrial chain advantages. The commencement of the Jiaman Project signifies a significant milestone for the company’s new materials division, opening a new chapter in cross-sector industrial synergy.