# Who does EcoPro Materials pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/ecopro-materials · Facet: suppliers · Updated: 2026-10-09T13:13:06.366+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: EcoPro Materials's confirmed suppliers/cost counterparties include 에코프로에이치엔 plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 3 cost edges, backed by 4 dated sources, 1 of them primary filings (as of 2026-10-09).

### 에코프로에이치엔 (high)  → /ecopro-hn.md
- metric: Amount 3,067,110,000원 · 2026 상반기 · Per Ecopro HN related-party sales
- note: Purchases from affiliate Ecopro HN: KRW 3.07bn in H1 2026 (KRW 12.60bn a year earlier).
- [confirms] FSS DART (KO, filing, published 2026-08-14) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260814001912: "Ecopro HN related-party transactions (KRW thousand): sales to EcoPro Materials 3,067,110 (12,603,641 a year earlier)."

### 니켈 원료 (인도네시아 GEM·그린에코니켈) (high)
- metric: Amount 10,000톤 · 연간 장기계약 · Green Eco Nickel long-term nickel offtake (EcoPro group)
- note: Low-grade nickel and MHP for the RMP process are sourced from Indonesia's Green Eco Nickel (operated by GEM, with EcoPro Materials the 28% largest shareholder). Of the smelter's 20,000 tons/year, EcoPro group secures 10,000 tons under a long-term contract at a 2-3% discount to market.
- [confirms] Herald Corp (KO, news, published 2025-03-31) https://biz.heraldcorp.com/article/10453988: "EcoPro Materials acquired a 28% stake in Green Eco Nickel to become largest shareholder, with the group to reach 38%; the smelter's nickel capacity is about 20,000 tons a year."
- [confirms] KED Global (EN, news, published 2024-03-25) https://www.kedglobal.com/batteries/newsView/ked202403250007: "EcoPro Materials plans to produce nickel sulfate, a key raw material for batteries, and precursors from nickel procured in Indonesia."

### 그린에코니켈 (Green Eco Nickel) (high)
- metric: Market share 28% · 2025 · Green Eco Nickel stake (EcoPro Materials)
- note: EcoPro Materials acquired a 28% stake in Indonesia's nickel smelter Green Eco Nickel to become its largest shareholder (about KRW 389bn), consolidating it from January 2026 to internalize the nickel upstream.
- [confirms] News2day (KO, news, published 2026-02-12) https://www.news2day.co.kr/article/20260212500105: "Indonesia's Green Eco Nickel has about 20,000 tons a year of nickel capacity, of which EcoPro group secures 10,000 tons under long-term offtake; the smelter is consolidated from January."

### 코발트·망간 등 금속 원료 바스켓 (비공개) (mid)
- note: Beyond nickel, EcoPro Materials procures cobalt, manganese and other metals for NCM precursor production. Individual suppliers and amounts are not disclosed.
- [mentions] Eugene Investment & Securities (KO, research, published 2023-10-30) https://www.eugenefn.com/common/files/amail/20231030_B_js_heo_1.pdf: "The company's main product is NCM precursor for EVs, using nickel, cobalt and manganese as raw materials."

Reverse side: https://valuechain.wiki/ecopro-materials/customers.md · Ripple: https://valuechain.wiki/ecopro-materials/ripple.md

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Full node: https://valuechain.wiki/ecopro-materials.md · JSON: https://valuechain.wiki/ecopro-materials.json