From Reuters via Mining.com, March 21:
Volkswagen will form joint ventures with Huayou Cobalt and Tsingshan Group to secure nickel and cobalt supplies for electric vehicles in China, the world’s No. 1 car market, and to slash costs at a time of surging raw material prices.
The move is part of a 30 billion euro ($33 billion) push by the world’s second-largest carmaker to build a network of battery cell factories and secure more direct access to vital raw materials that are needed to supply them.
Volkswagen, Huayou Cobalt and Tsingshan have signed a memorandum of understanding for a joint venture in Indonesia, where more than 10% of the world’s laterite nickel ore reserves are located, to focus on nickel and cobalt raw material production....
....MUCH MORE
I assume our readers have heard of Tsingshan re: skullduggery at the LME.
Here's some background:
ICYMI: "The king of nickel is betting big on a green future in batteries"
And the LME stuff:
That Time In 2019 JP Morgan Facilitated A Raid On LME Nickel Inventories And Made $100 Million For Its Trouble
J.P. Morgan Rides To The Rescue Of Chinese Nickel Giant
Blas: "The City of London Is the Wild West of Metals"
Time To Change The Name From LME To Beijing Metals Exchange
