Market Chatter: GEM VP Forecasts Steady Growth Despite Indonesian Ban on Mineral Exports; Shares Jump 5%

MT Newswires Live11-25 12:11

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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment