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