Baowu, Xinhai to join Indonesia FeNi project with Vale

Taiyuan Iron & Steel Group Co (TISCO), a subsidiary of China Baowu Steel Group (Baowu), signed a cooperation framework agreement with Shandong Xinhai Technology Co (Xinhai) and PT Vale Indonesia Tbk on June 24 to jointly construct and operate a ferronickel (FeNi) project in Indonesia, a company official confirmed on Friday.

According to the agreement, TISCO and Xinhai will establish a Chinese joint venture company first, which will hold a 51% share in the new joint venture, with the remaining 49% held by for PT Vale Indonesia Tbk. The FeNi project is to be constructed in Bahodopi in Morowali County in Indonesia’s Sulawesi province and will