Posco Future M plans to produce nickel in the Philippines with NPSI
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Update time : 2023-08-23 17:33:31
Posco Future M Co., Ltd., a chemical company in South Korea, has signed a memorandum of agreement with Nickel Prime Solutions Inc. (NPSI), a nickel production subsidiary under the Philippine Michael Chen Group (MC Group), to jointly develop nickel ore production in the Philippines.
Under the agreement, the two companies will set up a joint venture and a plant to produce mixed hydroxide precipitate (MHP), an intermediate nickel product for the production of cathode materials.
This is the first time for POSCO Future M to produce raw materials for battery materials abroad. The company aims to raise its cathode capacity by around 10 times to 1 million tons by 2030.
