PARIS, May 8, 2024 /PRNewswire/ -- In an interview with Xinhuanet on May 5, Huang Changgeng, the chairman of Xiamen Tungsten Co., Ltd. (XTC), revealed details of the company's joint venture with the French Orano Group. Huang stated that the partnership is a testament to the robust integration of the Chinese and French battery sectors, enhancing cooperation in green technologies between the two nations.
XTC, a publicly traded state-owned enterprise (SOE) in Fujian Province, operates across three strategic sectors: tungsten and molybdenum, rare earths, and renewable energy materials. Twenty years ago, the company expanded into the renewable energy materials sector, establishing facilities to produce lithium cobalt, lithium manganese oxide, ternary materials, and lithium iron phosphate. Notably, its subsidiary, XTC New Energy, achieved a milestone when it was officially listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange in August 2021.
Mr. Huang, speaking on the progress of XTC New Energy, described the company's trajectory as a prime example of China's commitment to modernization and green energy. He explained, "Currently, the renewable energy sector in Europe is undergoing rapid expansion, and China holds a distinct advantage in the sector."
In May 2023, XTC New Energy forged a partnership with France's Orano Group, leading to the establishment of two joint ventures in the northern French port city of Dunkirk. The project, with a total investment of approximately 1.5 billion euros, aims to establish production lines for lithium-ion battery cathode materials, precursors, and battery recycling, with the expectation of creating over 1,000 jobs in the near future.
Mr. Huang affirmed, "The collaboration with Orano is undoubtedly a wise choice, as both parties possess complementary strengths. As a leading player in battery materials in China, XTC pairs perfectly with Orano's profound roots in France. The partnership not only completes the French industrial chain, but also marks a significant step for XTC in expanding into Europe and beyond."
In discussing how the project aligns with the goals of the Belt and Road initiative, Mr. Huang noted, "Investment projects, unlike infrastructure projects, demand long-term commitments. Such investments are highly welcomed by the local community as they contribute significantly to local tax revenue, create employment opportunities, and simultaneously generate profits, resulting in a mutually beneficial outcome for all parties involved."
Mr. Huang also spoke on the global impact of China's rapid modernization. "Our work abroad has given us greater insight into China's robust modernization efforts, which are moving swiftly in step with current global trends and showing tremendous vitality," he said. He further noted that the progress in China's development model is set to play a significant role in spurring a global economic revival and opening up new opportunities across the globe.
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