https://www.miningweekly.com

Sumitomo to invest $424m to boost battery materials output

6th July 2021

By: Reuters

  

Font size: - +

Japan's Sumitomo Metal Mining Co said on Tuesday it would spend 47-billion yen ($424-million) to boost production capacity of cathode materials for rechargeable batteries used in electric vehicles (EVs) to meet burgeoning demand.

Japan's biggest nickel smelter will build a new plant of nickel-based cathode materials in Besshi, Ehime prefecture in western Japan, and expand production capacity of precursor material at its Harima refinery in Hyogo prefecture in western Japan, with an aim to complete the work in 2025.

Out of the 47-billion yen spending, 40-billion yen will go to the new plant and the remainder will be used in Harima.

Nickel is a key component of the lithium-ion rechargeable batteries used to power EVs, sales of which are expected to soar in coming years as the world moves towards a low-carbon future.

Sumitomo Metal, which supplies nickel-based cathode materials for Panasonic's lithium ion batteries that are used in Tesla EVs, aims to boost its capacity of cathode materials to about 7 000 t/m in 2025 from about 5 000 t/m now, a company spokesman said.

The company has said it aims to increase its production capacity of cathode materials to 10 000 t/m in 2027.

"We see signs of greatly expanded demand for our nickel-based products," the company said in a statement.

Edited by Reuters

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION