Vale Indonesia signs $2 billion nickel project deal with Shandong Xinhai, Baowu. miningnews
Nickel miner PT Vale Indonesia on Tuesday signed an investment deal with China’s Shandong Xinhai Technology Co. Ltd and a unit of China Baowu Steel Group Corp. Ltd to develop a processing plant on Sulawesi island.
Under the deal, the companies will form a joint venture firm, with Vale controlling 49% of the stake. Shandong Xinhai and Baowu, through its subsidiary Taiyuan Iron & Steel Co. Ltd , would together control 51%, Vale’s chief finance officer Bernardus Irmanto told reporters.
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