POSCO and CNGR enter USD1.16 billion nickel refining and production partnership

Jun 2023

On Wednesday 21st June 2023, Korean metals and battery materials company POSCO Group entered strategic collaboration with Chinese precursor producer CNGR Advanced Material Co. to pursue nickel refining and precursor production. An investment of approximately 1.5 trillion won (USD1.16 billion) will be spread across two separate joint ventures. As per the agreement, POSCO Holdings and CNGR will establish a joint venture with a 60:40 equity ratio, focusing on the production of nickel sulfate. Simultaneously, POSCO Future M and CNGR will form a precursor production venture with an 80:20 equity ratio, dedicated to manufacturing precursors utilizing the nickel sulfate produced by the nickel refining venture.

The combined production capacity of the nickel refining and precursor production ventures is set at…



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