Vale and China's Baowu Group to invest nickel project in Indonesia
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Update time : 2021-06-28 16:29:34
China's Baowu Group, the world's largest steel producer, announced Thursday that it will join forces with Brazilian miner Vale and China's Shandong Xinhai Technology to produce nickel pig iron in Indonesia.
Taiyuan Iron and Steel (TISCO) (TISCO), a subsidiary of the Baowu group and the second-largest producer of stainless steel in China, has signed an agreement with PT Vale Indonesia and nickel pig iron producer Xinhai for the joint operation of the nickel processing plant in Bahodopi, an Indonesian island.
Vale will have a 49% stake in the project while Baowu and Xinhai will share the remaining 51%. It was expected to produce 73,000 tonnes of nickel pig iron per year through eight rotary electric furnaces.
The three companies agreed that all the technical and financial requirements necessary to make a final investment decision must be completed within six months.
