Finalization of China-funded Indonesian Nickel Smelters Expected Next Week

Mineweb reported that when Xi Jinping, China’s president, visits Jakarta, Indonesia next week, at least four China-backed Indonesian nickel smelter projects are expected to be finalized. One is worth at least $3 billion.

As quoted in the market news:

President Xi Jinping will meet his Indonesian counterpart President Susilo Bambang Yudhoyono on Oct. 2-3, where the two leaders are expected to sign a multi-billion dollar economic bilateral co-operation agreement.

‘There are seven to eight Chinese nickel companies that have committed to build nickel smelters in Indonesia,’ Guocheng Pan, CEO of iron ore miner China Hanking Holding Limited, told Reuters on the sidelines of a metals conference this week.

‘There are only three or four companies who have started to construct the plants,’ Pan added.

Click here to read the full Mineweb report.