Antam, Tsingshan plan integrated stainless steel project JV
Wednesday, October 31 2007 - 03:42 AM WIB
JSX-listed miner PT.Aneka Tambang Tbk. (Antam) signed an agreement Wednesday with Tsingshan Holding Group Co. Ltd of China to conduct a feasibility study of jointly developing an integrated stainless steel facility at Antam's laterite ore concession at Obi island, North Maluku.
The study will consider a project, which consists of a power plant, a ferronickel plant and a stainless steel plant and will determine the capacity and the investment amount of the facility.
Antam's CEO Dedi Aditya Sumanegara said Antam and Tsingshan will form a consortium to conduct the FS, to apply for mining permits and prepare the ancillary agreements.
The cost of FS and the other preparatory work will not exceed US$2 million.
Under the agreement, a joint venture company will only be incorporated upon satisfactory result of the feasibility study, which will have to be completed by august 2008, the company said. (godang)