Chinese provider of comprehensive electromagnetic metallurgical solutions, Hunan Zhongke Electric Co., Ltd., has announced a delay in its anode material project in Morocco, which was initially announced in May 2024. The company disclosed this decision in a June statement, explaining that the postponement was made «to ensure the steady and orderly progress of the company's overseas investments». Instead, Zhongke is prioritizing a larger overseas venture: an 8-billion-yuan integrated base in Oman, with a planned capacity of 200,000 metric tons per year, to be developed in two phases. Funding for the Oman project is expected to come from «self-owned funds and financing, including but not limited to bank project loans and strategic investors», according to the announcement. The Morocco project, led by Hunan Zhongke Electric's subsidiary Shinzoom, was initially valued at USD 460 million and was expected to begin construction in 2024 at the Mohammed VI Tangier Tech industrial city. During the announcement in Morocco, which included the signing of agreements by Othman Benjelloun, President of Tangier Tech, it was noted that the project would cover 20 hectares and focus on producing anodes for lithium batteries. Also the Morocco project aimed to establish an integrated base with an annual production capacity of 100,000 metric tons of lithium-ion battery anode materials.
