Lopal Tech Plans $160 Million Indonesia Cathode Materials Project

MT Newswires Live

06/11

Jiangsu Lopal Tech (SHA:603906, HKG:2465) plans to invest $160 million to build a lithium iron phosphate, or LFP, cathode materials project in Indonesia through a controlled subsidiary, according to a Wednesday Hong Kong bourse filing.

The Indonesia LBM Phase 3 project will include production lines with an annual capacity of 120,000 tonnes of second- and third-generation LFP cathode materials and is expected to be located in Batang Integrated Industrial Park in Central Java.

The investment will be carried out by PT LBM Energi Baru Indonesia Batang, a wholly owned subsidiary of the company's Singapore-based unit LBM New Energy (AP), and is expected to take about 12 months to complete.

Shares of the automotive specialty chemicals company were up nearly 1% in Hong Kong.

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