On October 18, 2024, the feeding ceremony for Huayou Cobalt's battery ternary precursor project factory was successfully held at the Weda Bay Industrial Park in Indonesia. Since 2018, Huayou Cobalt has accumulated nearly $5 billion in investments in Indonesia. So why does Huayou Cobalt choose to bet on Indonesia and deeply cultivate the new energy battery materials industry there? Let Manager Wang explain in detail:
First, Huayou Cobalt was founded in 2002 by Zhejiang businessman Chen Xuehua, headquartered in Tongxiang, Zhejiang. It is a high-tech enterprise engaged in the R&D and manufacturing of new energy lithium battery materials and cobalt new materials, ranking among China's top 500 enterprises. Recognizing the prospects of cobalt metal early on, the company ventured abroad as early as 2003 to acquire and process cobalt mines in the Democratic Republic of Congo (DRC) in Africa. In 2015, Huayou Cobalt was successfully listed on the main board of the Shanghai Stock Exchange. By the end of 2021, the company's market value soared to hundreds of billions of yuan. With a personal wealth of RMB 18.5 billion, Chen Xuehua ranked 380th on the 2021 Hurun Rich List, becoming the richest person in Tongxiang City. Huayou has become China's largest cobalt product supplier, and Chen Xuehua is widely known as the "Cobalt King." In 2024, Huayou Cobalt ranked 363rd among China's top 500 enterprises with revenue of RMB 66.3 billion in 2023.
Second, with the continuous development of the global new energy battery materials and EV industry, Huayou Cobalt took a forward-looking approach in 2018 to begin its nickel resource layout in Indonesia. Leveraging Tsingshan Group's Morowali Industrial Park and Weda Bay Industrial Park, the company launched nickel resource development operations. The Huayue hydrometallurgical project, Huake high-grade nickel matte project, and Huafei hydrometallurgical project, invested in 2018, 2020, and 2021 respectively, have positioned Huayou as a leading enterprise among battery material companies in nickel resource development. As of the end of 2023, Huayou Cobalt has invested in a total of 15 projects in Asian countries along the "Belt and Road," mainly in Indonesia, with a total investment of nearly $5 billion.
Third, on April 21, 2024, Huayou Cobalt's Indonesia Huane ternary precursor project was inaugurated at the Weda Bay Industrial Park in Maluku Province, Indonesia. The project covers an area of approximately 65,000 square meters. As of October 18, just 164 days later, the main project was completed. This is Huayou's first overseas precursor project. Huayou Cobalt has established deep cooperation with leading new energy battery and automotive companies such as Tesla, CATL, BYD, and LG Chem.
Due to its outstanding contributions to Indonesia's nickel mining and new energy industries, Huayou Cobalt founder Chen Xuehua has been received multiple times by former President Joko Widodo. In October 2023, the third "Belt and Road" International Cooperation Summit Forum was held in Beijing, and Huayou Cobalt was selected as a case study for "Belt and Road" construction.
On October 18, 2024, the feeding ceremony for Huayou Cobalt's battery ternary precursor project factory was successfully held at the Weda Bay Industrial Park in Indonesia. Since 2018, Huayou Cobalt has accumulated nearly $5 billion in investments in Indonesia. So why does Huayou Cobalt choose to bet on Indonesia and deeply cultivate the new energy battery materials industry there? Let Manager Wang explain in detail:
First, Huayou Cobalt was founded in 2002 by Zhejiang businessman Chen Xuehua, headquartered in Tongxiang, Zhejiang. It is a high-tech enterprise engaged in the R&D and manufacturing of new energy lithium battery materials and cobalt new materials, ranking among China's top 500 enterprises. Recognizing the prospects of cobalt metal early on, the company ventured abroad as early as 2003 to acquire and process cobalt mines in the Democratic Republic of Congo (DRC) in Africa. In 2015, Huayou Cobalt was successfully listed on the main board of the Shanghai Stock Exchange. By the end of 2021, the company's market value soared to hundreds of billions of yuan. With a personal wealth of RMB 18.5 billion, Chen Xuehua ranked 380th on the 2021 Hurun Rich List, becoming the richest person in Tongxiang City. Huayou has become China's largest cobalt product supplier, and Chen Xuehua is widely known as the "Cobalt King." In 2024, Huayou Cobalt ranked 363rd among China's top 500 enterprises with revenue of RMB 66.3 billion in 2023.
Second, with the continuous development of the global new energy battery materials and EV industry, Huayou Cobalt took a forward-looking approach in 2018 to begin its nickel resource layout in Indonesia. Leveraging Tsingshan Group's Morowali Industrial Park and Weda Bay Industrial Park, the company launched nickel resource development operations. The Huayue hydrometallurgical project, Huake high-grade nickel matte project, and Huafei hydrometallurgical project, invested in 2018, 2020, and 2021 respectively, have positioned Huayou as a leading enterprise among battery material companies in nickel resource development. As of the end of 2023, Huayou Cobalt has invested in a total of 15 projects in Asian countries along the "Belt and Road," mainly in Indonesia, with a total investment of nearly $5 billion.
Third, on April 21, 2024, Huayou Cobalt's Indonesia Huane ternary precursor project was inaugurated at the Weda Bay Industrial Park in Maluku Province, Indonesia. The project covers an area of approximately 65,000 square meters. As of October 18, just 164 days later, the main project was completed. This is Huayou's first overseas precursor project. Huayou Cobalt has established deep cooperation with leading new energy battery and automotive companies such as Tesla, CATL, BYD, and LG Chem.
Due to its outstanding contributions to Indonesia's nickel mining and new energy industries, Huayou Cobalt founder Chen Xuehua has been received multiple times by former President Joko Widodo. In October 2023, the third "Belt and Road" International Cooperation Summit Forum was held in Beijing, and Huayou Cobalt was selected as a case study for "Belt and Road" construction.