BEIJING, May 28 (Reuters) -
* China's Beijing Easpring Material Technology Co sayshas signed a deal to set up a new lithium-ion battery materialsproduction base in Jiangsu province. * Cooperation agreement was signed on May 28 with JintanJinchengScience and Technology Industrial Park.
* First phase of three-phase project involves plannedinvestmentof 3 billion yuan ($468.96 million), Easpring says in statementto Shenzhen Stock Exchange.
* First phase will have an annual capacity of 50,000 tonnesofbattery materials, company says, without providing a time framefor launch. * Company's current battery cathode material capacity of16,000tonnes is already "fully loaded," Easpring says, adding thatexpansion will "ease the bottleneck."
* Easpring has offtake agreement for battery materialscobaltsulphate and nickel sulphate from Australia.* Demand for battery materials is surging in China, theworld'slargest electric vehicle market. ($1 = 6.3971 Chinese yuan renminbi) (Reporting by Tom Daly. Editing by Jane Merriman)
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