PT Weda Bay Nickel, Indonesia Agree on 4 Out of 6 Points in Contract Review

Bloomberg reported that PT Weda Bay Nickel, a unit of Eramet SA (ERA), which is in negotiation with the Indonesian government to set up a $5B nickel mine and smelter, agreed on four points in a government review of the mining contract.

As quoted in the market news:

Indonesia will allow Weda Bay to set up the mine and facilities in an area greater than 25,000 hectares (61,776 acres), Thamrin Sihite, director general of coal and minerals at the Energy and Mineral Resources Ministry, said in Jakarta today. In return, Weda Bay will build the smelter, use local workers and services and continue its business under a new mining license after its 30-year contract expires in 2028, Sihite said.

Click here to read the full Bloomberg report.

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