Chinese investor eyeing Indonesian nickel mine

Chinese firm Xin Xiwang Group (XXG) is interested to develop Indonesia's nickel resources and has prepared initial investment of up to US$2.5 billion, Investor Daily reported on Monday.

Yao Bi Quan, the general manager of XXG?s Indonesian subsidiary PT New Hope Indonesia, said in Jakarta last week the Chinese company was currently looking for a local partner for the mining business.

?We have met officials of Investment Coordinating Board (BKPM) on the plan,? he was quoted as saying by the newspaper.

Lu Junqing, the chairman of the Association of Chinese Companies, said that in addition to XXG, many other Chinese companies were also interested in Indonesia?s mining sector.

However, the Chinese companies were still assessing the legal certainty in Indonesia before making a firm commitment to enter the capital intensive industry, Lu Junqing said. (*)