Page 171 - CW E-Magazine (8-4-2025)

News from Abroad

Wood’s projects division by Deloitte, blow to investors who have suffered a the sign-off of its 2024 accounts. Bid
according to media reports. The two languishing share price and a number interest from Sidara comes after a failed
parties had re-entered negotiations in of failed takeover attempts for the private equity attempt to take over
February for a possible Sidara takeover company. Wood Group in 2023. Apollo made an
of Wood after Sidara previously walked approach worth £1.68-bn, to buy Wood
away from its plan to buy Wood last Wood’s stock market woes have Group after four previous approaches
year, citing rising geopolitical risks and been compounded by concerns over the were rejected, but eventually aban-
uncertainty in the financial market. financial and governance culture with- doned plans to make a firm offer.
in its project arm following a recent
Sidara had then put forward four independent review, as well as heavy Wood Group provides consultation,
takeover proposals – the last valuing debts. In another development, Wood management and engineering services
Wood Group at around £1.56-bn ($2-bn). Group’s Chief Financial Officer Arvind for the oil and mining sector, with ope-
It is understood to have made the fresh Balan resigned in February after admit- rations in more than 60 countries. How-
approach due to Wood’s recent heavy ting making an inaccurate claim about ever, it has focused more heavily on its
share price falls. Sidara’s decision to a chartered accountant qualification. sustainable business recently, helping
abandon a deal last year sent Wood Wood Group is waiting for the results companies with decarbonisation and
Group’s shares plunging, dealing a of the review by Deloitte, as well as the energy transition.

PRECURSOR CATHODE ACTIVE MATERIALS
Morocco’s Cobco to supply EV battery precursors

to Umicore

Cobco, the Moroccoan battery foundation of a broader industrial deve-
materials joint venture between Al Mada lopment programme. In addition to
and CNGR Advanced Materials, has NCM pCAM, the company is expand-
signed a long-term supply agreement ing into Lithium Iron Phosphate (LFP)
with Umicore, a Belgian leader in cathode materials and black mass recy-
circular materials technology, for the cling – creating an integrated and circu-
delivery of precursor cathode active lar battery materials ecosystem with a
materials (pCAM) to be used in electric total capacity equivalent to 70 GWh,
vehicle (EV) batteries. Commissioned in early 2025, Cobco’s enough to power over 1-million EVs
first production lines represent the per year.
Al Mada is a pan-African invest-
ment fund and CNGR Advanced
Materials, a leader in lithium-ion battery South Korea targets recycling of 20%
materials. Under the terms of the agree-
ment, Cobco will supply NCM (nick- of key critical minerals by 2030
el-cobalt-manganese) pCAM from its
newly commissioned production facility South Korea will work to faci- plan, the ministry will work to foster
at Jorf Lasfar, Morocco. These mate- litate the growth of the critical the growth of the critical mineral recy-
rials will feed Umicore’s CAM produc- mineral recycling industry, with a cling industry by streamlining related
tion lines, supporting its international goal of achieving a 20 percent re- regulations, creating industrial clusters
customer base. cycling rate of key critical minerals and expanding infrastructure for
by 2030, the country’s government companies in the sector.
“This agreement marks a signifi- said recently.
cant milestone in Cobco’s ambition to Through such efforts, the country
become a strategic supplier of low- The Ministry of Trade, Industry and aims to recycle 20 percent of strategic
carbon, high-quality battery materials to Energy announced the plan as part of critical minerals essential for advanced
global leaders in electromobility,” said a broader government initiative aimed industries, like batteries and semicon-
Mr. Allen Luo, CEO of Cobco. at stabilising supply chains. Under the ductors, by 2030.

Chemical Weekly April 8, 2025 171

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