JSCO Holdings Completes Investment Payment to Philippine Subsidiary... "Acquires 95% Stake"
JSCO Holdings announced on the 6th that it has completed the payment of an investment amounting to 4.9 billion KRW to its Philippine subsidiary JSCO PH CORP. With this, it has acquired a 95% stake in the local subsidiary.
Following the first exploration permit (EP) approval for 1,059 hectares of the nickel mining site in the Philippines, the company is now awaiting the second exploration permit (EP) approval for 3,433 hectares.
Recently, due to the detailed guidelines of the US IRA, battery raw materials such as nickel and lithium are expected to receive increased attention. More than 40% of the key minerals used in batteries must be produced and processed in the US or countries that have signed FTAs with the US. Accordingly, JSCO Holdings’ nickel ore business is also expected to benefit from the US IRA.
Major global automakers prefer batteries that have high energy density and are cost-effective. In response, the three major domestic battery companies are focusing on high-nickel batteries that maintain and improve battery performance while offering price competitiveness. High-nickel batteries are batteries in which the nickel content is increased to over 80% in ternary batteries.
Since the supply and price of nickel significantly affect high-nickel batteries, nickel demand is expected to continuously increase in the future.
Han Sang-min, CEO of JSCO Holdings, stated, “Following the recent US IRA, there is a movement to stably secure mineral resources from the US and countries that have signed FTAs with the US instead of raw materials from China. In fact, inquiries are increasing to JSCO Holdings, which has secured stakes in Philippine nickel mines, from secondary battery-related companies seeking to secure mineral resources.”
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He added, “Since the new nickel mineral business, which has been promoted since last December, is progressing smoothly, we plan to complete all administrative procedures such as permits and certifications this year and start full-scale mining from next year.”
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