Sumitomo to triple capital expenditure to boost production of nickel and battery materials
2022-02-16 13:41:57 [Print]
Sumitomo Metal Mining Co. said on Tuesday it will triple its capital expenditure over the next three years to boost its output capacity of nickel and cathode materials used in batteries.
The Japanese miner and smelter plans to spend 494 billion yen ($4.3 billion) in capital expenditure, including investment and lending, in the next three years, up from 164 billion yen spent last three years.
Using some of the funds, SMM plans to boost its monthly output capacity of cathode materials for rechargeable batteries used in electric vehicles to 10,000 tonnes by end-March 2028 and 15,000 tonnes by end-March 2031 from nearly 5,000 tonnes now to meet rising demand.
The Japanese miner and smelter plans to spend 494 billion yen ($4.3 billion) in capital expenditure, including investment and lending, in the next three years, up from 164 billion yen spent last three years.
Using some of the funds, SMM plans to boost its monthly output capacity of cathode materials for rechargeable batteries used in electric vehicles to 10,000 tonnes by end-March 2028 and 15,000 tonnes by end-March 2031 from nearly 5,000 tonnes now to meet rising demand.
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