Chinese power battery material manufacturer Ningbo Ronbay New Energy Technology has signed a strategic co-operation agreement with the country's major cobalt refiner and lithium nickel-cobalt-manganese oxide (NCM) precursor producer Huayou Cobalt for battery ternary precursor supplies.
Huayou will supply a minimum 180,000t of precursors to Ronbay in 2022-25. Purchase volumes are expected to be up to 415,000t through to the end of 2030, on condition that Huayou provides Ronbay with a competitive pricing mechanism for metal feedstock purchases and processing fees for precursors.
Huayou pledges to offer preferential prices for nickel supplies to Ronbay, which will also purchase cobalt and manganese feedstocks under a competitive pricing mechanism during the same period.
The firms will jointly develop upstream nickel and cobalt resources and production technology for precursors. The deal will prompt the two parties to develop nickel resources outside of China to create a feedstock cost advantage for their high-nickel battery production, with the aim of encouraging the use of high-nickel batteries in the new energy vehicle (NEV) industry.
Huayou is the world's largest cobalt refinery with a design capacity of 39,000 t/yr of metal equivalent for refined cobalt products, including cobalt salts, cobalt tetroxide, NCM ternary precursors and cobalt metal, followed by China's GEM with a planned capacity of 35,000 t/yr for 2021.
Huayou produced 30,982t of NCM precursors in...
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