China’s Zhejiang Huayou Cobalt is reportedly planning to form a joint venture (JV) with EVE Energy and others for a $2.08bn nickel and cobalt project in Indonesia.

The Chinese company will own a 20% stake in the new venture, which would be called PT Huayu Nickel Cobalt. EVE will own a 17% stake, reported Reuters.

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The other JV partners include Glaucous International with a 30% interest and Lindo Investment with a 2% holding.

The remaining 31% stake will be held by Yongrui Holdings, which is a wholly owned unit of Yongqing Technology, a subsidiary of Indonesian nickel producer Tsinghan.

Expected to produce 120,000tpa of nickel and 15,000tpa of cobalt, the new project will be located at Weda Bay on Halmahera island.

Huayou is currently working with Tsingshan on a nickel sulphate project at the Weda Bay in Halmahera Island, Indonesia.

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Separately, Zhejiang Huayou Cobalt plans to invest $210m to acquire a stake in Chinese battery materials producer Tianjin B&M Science and Technology (B&M), Reuters reported.

The firm will acquire a 38.62% stake in the company from Hangzhou Hongyuan Equity Investment.

Last month, Nickel Mines increased its stake in the Angel Nickel project in Indonesia from 30% to 50%.

The firm purchased the additional 20% stake in Angel Capital, a Singaporean holding company that owns the Angel Nickel project.

Located on Halmahera Island in the North Maluku province, the Angel Nickel project features four RKEF lines and a 380MW power station.

The project is planned to be commissioned no later than 16 October 2022.