Chengtun to Erect Second Nickel Matte Smelter in Indonesia

By Editorial Team 03/12/2021
Summary

China-based Chengtun Mining Group Co Ltd revealed on Thursday its commitment to pump US$245 million into a project in Indonesia to produce nickel matte, a raw material for electric vehicle (EV) battery chemicals, through PT ChengMach Nickel. Reuters reported that it planned to produce 40,000 tons per year of nickel matte on a metal content basis. The venture will be Chengtun's second nickel matte project in Indonesia and - like the first, with a capacity of 34,000 tons per year - will be located in Weda Bay of Halmahera Island.

Chengtun unit Hongcheng International will hold 70 percent equity, while a Singapore-registered company called Extension Investment Pte will hold the remainder. Total investment is pegged at US$350 million, including Extension's share. For the record, Extension Investment Pte's only shareholder is a company called Indigo International Investment Ltd. Last month, Indigo and Weiming Group teamed up on a similar project to produce 40,000 tons of nickel matte per year.

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