Chinese battery material producer Huayou Cobalt is planning a private share placement to raise up to RMB 12.2 billion ($1.82 billion) to expand manufacturing capacity of its nickel and cobalt project in Indonesia, according to an announcement released on June 19. The smelting project will begin production later this year with an annual capacity of 120,000 tonnes of nickel and 15,000 tonnes of cobalt, the company said. Huayou produced 28.5% of all cobalt and 2.3% of nickel in China last year, and the company’s revenue doubled to RMB 13.2 billion year-on-year for the first quarter of 2022, driven by strong demand for EVs. [Caixin, in Chinese]