China Nickel Invests $1.8 Billion in Indonesia

Reuters reported  China Nickel Resources Holdings (HKG:2889) is to invest $1.8 billion in an Indonesia steel project.

As quoted in the market news:

China Nickel Resources will own 61 percent of a new South Kalimantan steel project called PT Batulicin Steel, which will have an iron bar annual capacity of 1 million tonnes and 600,000 tonnes of ferronickel, Fahmi Idris, independent chairman of PT Batulicin Steel told reporters.

Click here to read the full Reuters report.