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Ganfeng Lithium buys 7% stake in Cobalt Firm Tengyuan

Metal News - Published on Sat, 27 Jun 2020

Image Source: Cobalt Tengyuan
One of the world's biggest producers of lithium China's Ganfeng Lithium said that it would buy almost 7% in Chinese cobalt firm Ganzhou Tengyuan Cobalt New Material for USD 42 million. Ganfeng succeeded in a bid for around 6.5 million shares in Tengyuan held by Xinyu High-tech Investment Co on the Jiangxi Assets and Equity Exchange. Upon completion of the transaction, Ganfeng will hold a 6.9% stake in Tengyuan.

Both companies are based in China's southern province of Jiangxi.

The move marks Ganfeng's first investment in production of cobalt, which like lithium is a key ingredient in rechargeable batteries for the electric vehicle industry, now booming around the world.

Tengyuan said it produces and trades cobalt products, has an annual production capacity of 6,500 tonnes of cobalt products and can also make 3,000 tonnes of copper cathodes per year.

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Posted By : Yogender Pancholi on Sat, 27 Jun 2020
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