POSCO Holdings takes the first step in nickel business

POSCO Holdings is starting a nickel business for secondary batteries in Indonesia, a country with strong nickel resources.

POSCO Holdings signed an MOA (Memorandum Of Agreement) with China’s Ningbo Richin Industry & Trade Co., Ltd. in Jakarta, Indonesia to cooperate in nickel production. With this MOA with Ningbo Richin, POSCO Holdings will also have a nickel supply network in Indonesia, the nickel producer, following New Caledonia and Australia. Indonesia is in the spotlight as a major nickel hub for secondary batteries with its total nickel reserves reaching 21 million tons.

With this agreement, POSCO Holdings and Ningbo Richin plan to build an MHP (Mixed Hydroxide Precipitate) production plant with an annual nickel content of 120,000 tons in Sulawesi, Indonesia. As a first step, the construction of a production plant with a capacity of 60,000 tons based on nickel content will begin this year and production will begin in 2025.

POSCO Holdings plans to establish a global supply chain covering New Caledonia, Australia, and Indonesia through the joint venture with Ningbo Richin for the nickel business in Indonesia, and to further solidify its competitive advantage in the value chain of secondary battery materials by establishing a system for producing and selling 220,000 tons of nickel, 300,000 tons of lithium, 610,000 tons of cathode materials, and 320,000 tons of anode materials by 2030.

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