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Projects for the battery market – mostly Indonesian/all

laterite; some of post-2025 projects could come earlier

➔Large numbers of
Base case to 2025 '000t metal
Country Company Plant Ni Co Timing Product Process proposed HPAL projects
Australia First Quantum Ravensthorpe 30 0.7 Q2 2020 MHP HPAL
N.Caledonia Vale VNC (Goro) 30 2.0 Q2 2020 NHC (MHP) HPAL and two NPI to
Indonesia PT Halmahera Persada Lygend 1 Obi Island 37 4.4 2021 MHP/NiSO4 HPAL matte/precursor projects
Indonesia PT Halmahera Persada Lygend 2 Obi Island 18 2.2 2022/3 MHP/NiSO4 HPAL
Indonesia PT QMB New Energy Morowali 50 4.0 2022 MHP HPAL
Indonesia Morowali Huayue Nickel & Cobalt 1 Morowali 30 3.0 2022 MHP HPAL ➔First Indonesian HPAL
Indonesia Morowali Huayue Nickel & Cobalt 2 Morowali 30 3.0 2023 MHP HPAL
Indonesia Youshan Nickel (Huayou/Shentung) Weda Bay 35 0.4 2021 Matte Smelting projects already 1-2
Indonesia Huayou Cobalt Weda Bay 45 0.5 2023 Matte/precursors Smelting
Sub-total 305 20.0 years “late”

Other potential projects - assumed post 2025 (could be earlier)
Indonesia Vale/SMM Pomalaa 40 4.0 2024+ MSP HPAL ➔At least half of the
Indonesia Huayou/Tsingshan Weda Bay 50 5.0 2025+ MHP HPAL known post-2025
PNG MCC Ramu 32 3.1 2025+ MHP HPAL
Australia Sunrise (Clean Teq) Sunrise 20 4.6 2025+ MHP HPAL projects may never get
Australia Australian Mines Sconi 16 2.2 2025+ MHP HPAL
China Jinchuan Fangchengang 30 3.0 2025+ MHP HPAL built but many other
Sub-total 188 21.9
Indonesian projects are

possible if first ones are

successful
Source: Company reports, Macquarie Commodities Strategy, October 2020
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