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SHANGHAI: Russia’s Norilsk Nickel (Nornickel) is in talks with battery makers over possible investment in its mining assets, but is also interested in downstream joint ventures in return, said a company executive yesterday.
“We might be interested in having some deeper cooperation on the battery side and building a more complete value chain,” said Anton Berlin on the sidelines of a battery materials conference here.
Nornickel was looking for “more than just an offtake (sales) agreement”, he said, adding that a downstream venture in China would be a possibility.
Discussions were at an early stage, however, and the company was “not in any rush”, he said.
Battery makers in China, the world’s biggest electric vehicle market, have been looking to buy equity stakes in overseas producers of battery ingredients such as cobalt, nickel and lithium in order to ensure critical supplies.
Firms from China, elsewhere in Asia and beyond have visited Nornickel assets with a view to making investments, said Berlin.
But he added: “We don’t need an investor in our existing mining assets. We are happy to own them and run them.”
Nornickel sees potential for the battery sector to become the second-biggest target market for nickel globally, behind stainless steel. Stainless steel now accounts for slightly less than half per cent of the company’s nickel sales, versus 80 per cent in around 2013.