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China Nickel Resources in US$1.8 Billion Indonesia Steel Plan
06/20/2012 - China Nickel Resources Holdings is to invest US$1.8 billion in an Indonesian steel project called PT Batulicin Steel with local minority partner PT Jhonlin.
China Nickel Resources Holdings is to invest US$1.8 billion in an Indonesia steel project with local minority partner PT Jhonlin, the Hong Kong-listed firm said on Wednesday.
China Nickel Resources will own 61% of a new South Kalimantan steel project called PT Batulicin Steel, which will have an iron bar annual capacity of 1 million tonnes and 600,000 tonnes of ferronickel, Fahmi Idris, independent chairman of PT Batulicin Steel told reporters.
The first stage of the project is due to start on 4 July, with raw materials supplied by Indonesian iron-nickel ore firm PT Yiwan Mining under a 20-year contract, a company official said.
