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China Nickel Miner Lygend Seeks Hong Kong IPO

Lygend Resources trades laterite nickel ore sourced from miners in the Philippines and Turkey, as well as nickel pig iron from Indonesia

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Lygend jointly operates a rotary kiln electric furnace project on Obi Island, Indonesia. Photo: Halmahera Persada Lygend.

 

Chinese nickel producer and trader Lygend Resources & Technology has applied for an initial public offering (IPO) on the Hong Kong stock exchange.

The application did not reveal how much money Lygend plans to raise from the IPO. Its January-September profit last year stood at 415 million yuan ($65.5 million).

The filing late on Tuesday came after the Ningbo-based company submitted a request to China’s securities regulator in late January.

Lygend Resources, which said it is China’s biggest nickel ore trader with around 27% market share in 2020, trades laterite nickel ore sourced from miners in the Philippines and Turkey, as well as nickel pig iron (NPI) from Indonesia.

It also produces nickel products at home and abroad, with domestic annual NPI production at 180,000 tonnes and two projects with Indonesian partners.

The company had invested heavily to expand business and explore more materials in the nickel sector as the resource is gaining traction amid a global new energy boom.

It has a $1.05-billion project with Harita Group – the first high-pressure acid leach (HPAL) project in Indonesia to reach production.

Lygend also jointly operates a rotary kiln electric furnace project on Obi Island, Indonesia, and expects to start production between 2022 and 2024.

Lygend traded around 9.2 million tonnes of nickel products in the first three quarters of 2021 and made 11,734 tonnes of NPI during that period, according to the filing.

The company aims to realise an annual capacity of 500,000 tonnes of nickel and 23,000 tonnes of cobalt in the next five to 10 years.

 

  • Reuters, with additional editing by George Russell

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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