Industrial and Commercial Bank of China (ICBC) contributes to RMB 8.4 billion syndicated loan for Nickel-Cobalt Wet Smelting Project

China Eximbank, ICBC, and China CITIC Bank to RMB 8.4 billion syndicated loan for Nickel-Cobalt Wet Smelting Project in Indonesia 2023 On August 1, 2023, Pt.

Huafei Nickel Cobalt Co., Ltd. [华飞镍钴（印尼）有限公司] — a special purpose vehicle and joint venture of Zhejiang Huayou Cobalt Co., Ltd. (20% equity stake), Huayou International Cobalt (Hong Kong) Company Limited (31% equity stake), Eve Battery (17% equity stake), Glaucous International (30% equity stake), and Lindo Investment (2% equity stake) — signed an RMB 8,400,000,000 syndicated loan agreement with the Zhejiang Branch of the Export-Import Bank of China (as mandated lead arranger), the Hangzhou Branch of China CITIC Bank Corporation, and the Zhejiang Branch of the Industrial and Commercial Bank of China (ICBC) for the Nickel-Cobalt Wet Smelting Project.

It was backed by a Sinosure credit insurance policy and an independent repayment guarantee from Zhejiang Huayou Cobalt Co., Ltd.

It was also collateralized against the facility’s machinery, equipment, land; accounts receivable; a bank account with a cash balance of RMB 128,244,309.56; and a share pledge agreement with the project sponsors (shareholders).

The purpose of the $2.08 billion project was to construct a hydrometallurgy facility — with an annual production capacity of 120 kilotons (kt) of nickel and 15 kt of cobalt — in Weda Bay Industrial Park (a nickel mining and industrial park complex in Central Halmahera Regency, North Maluku, Indonesia).

The facility was put into production in March 2024.