Brazilian miner of niobium Companhia Brasileira de Metalurgia e Mineração (CBMM) and Chinese maker of electric motorcycles Horwin Global are forming a joint venture to make niobium batteries for Horwin bikes built in Brazil, Reuters says, citing CBMM.
A CBMM executive, Rogério Marques Ribas, said his company intended to build 4,000 batteries for testing before making arrangements for production, the news agency reported last Friday.
The report says CBMM will invest 70 million reals (about US$15 million) in the joint venture, with a view to increasing the volume of its sales of niobium oxide to 500 tonnes this year from 50 tonnes last year.
Horwin Global will invest 100 million reals in the venture, with a view to selling 100,000 bikes powered by niobium batteries in Brazil by 2024, Reuters says.
A consortium of five Chinese companies acquired 15 per cent of CBMM in 2011.