Battery giant CATL weighs 10% stake in miner Jinchuan - Bloomberg News (updated)

Jinchuan International Resources

26/08/2021 07:32

(Adds background, share price movement, attempts to seek
comment from companies)
    Aug 26 (Reuters) - Contemporary Amperex Technology Co Ltd
 300750.SZ  is weighing buying around 10% of Chinese miner
Jinchuan Group International Resources Co  2362.HK  in the hopes
of securing supplies of key battery metals, Bloomberg News
reported on Thursday.
    The Chinese battery maker is in initial discussions with
Jinchuan International - the Hong Kong-listed arm of state-run
metals producer Jinchuan Group - about buying a stake and could
offer more than one-and-a-half times its share price, Bloomberg
said https://bloom.bg/3mAhipy, citing people with knowledge of
the matter.
    Jinchuan International shares soared as much as 90.5% to    
HK$2.00 ($0.2569) on Thursday, their highest since March 2018. 
    CATL declined to comment, while Jinchuan International did
not immediately respond to requests for comment. 2 Hong Kong
dollars  
    Jinchuan International, which mines battery metal cobalt in
the Democratic Republic of Congo (DRC), produced 1,447 tonnes of
cobalt in the first half of this year, as well as 28,503 tonnes
of copper.  urn:newsml:reuters.com:*:nFWN2PR0K8
    Ningde-based CATL has already made several investments in
miners producing battery metals, taking small stakes in lithium
producers Pilbara Minerals  PLS.AX  and Neo Lithium Corp
 NLC.V , as well as a near 21% interest in Greenland-focused
North American Nickel  NAN.V .
    In April, a CATL unit agreed to pay $137.5 million for a
stake in the Kisanfu copper-cobalt mine in the DRC, the world's
biggest-cobalt producing country. urn:newsml:reuters.com:*:nL1N2M406J
     


($1 = 7.7855 Hong Kong dollars)

 (Reporting by Bhargav Acharya in Bengaluru and Tom Daly;
Editing by Tomasz Janowski)
 ((Bhargav.Acharya@thomsonreuters.com;))