China copper maker Hailiang expands into Indonesia

The move underscored Zhejiang Hailiang’s push to expand into new energy materials and tap into the markets of Europe, the United States and South-East Asia, as margins fall at home amid fierce competition. — Bloomberg

SHANGHAI: Zhejiang Hailiang Co, the world’s top producer of copper tubes and rods, plans to build a copper foil plant in Indonesia for 5.9 billion yuan (US$850mil or RM3.8bil) amid its push into the electric vehicle (EV) battery industry.

The project will be developed in two phases to be completed in 2025 and 2027, respectively, the company, based in eastern China’s Zhejiang province, said in a filing to the Shenzhen Stock Exchange.