China Risun Established a Coking Project in Indonesia

By Editorial Team 05/07/2021
Summary

China Risun Group Limited announced the establishment of a joint venture to invest in and build a coking coal project with a production volume of 4.7 million tons per year in Indonesia. This globally integrated producer and supplier of coking coal, coking coal chemicals, and processed chemicals from China is expanding overseas for the first time.

According to Bloomberg, Risun Investments, a wholly-owned subsidiary of China Risun, signed a joint venture agreement with Tianjin Xintiangang and Stephanie Development, in which the three parties have agreed to co-found De Tian Coking. The joint venture will invest in the construction of a coke project at the Morowali Industrial Park in Central Sulawesi.

This project will require an investment of around US$830 million. Risun Investments will take a share of US$59.52 million, representing a 24 percent stake in the joint venture company. Furthermore, Risun Investments can also provide shareholder loans of up to US$285 million to De Tian Coking if it is unable to obtain external financing for the project.

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