China Nickel to invest $1.8b in steel project in Indonesia
Wednesday, June 20 2012 - 08:12 AM WIB
China Nickel Resources Holdings plans to invest US$1.8 billion in an Indonesia steel project in partnership with local minority partner PT Jhonlin with the first stage of the project would be commenced on July 4
Fahmi Idris, independent chairman of PT Batulicin Steel as quoted by Reuters.com said that China Nickel would control 61 percent of a new South Kalimantan steel project called PT Batulicin Steel.
The project will have an iron bar annual capacity of 1 million tons and 600,000 tons of ferronickel.
The company said that the raw materials would be supplied by Indonesian iron-nickel ore firm PT Yiwan Mining under a 20-year contract. (*)