Singapore's Huaqi to Join Vale's Nickel Smelter Project


Vale Indonesia Tbk (INCO) will have a new investor from Singapore for its smelter project in Pomalaa Block, Kolaka, Southeast Sulawesi. According to the company's disclosure filing on the Indonesia Stock Exchange (IDX) on Tuesday, Vale Indonesia signed a Deed of Amendment and Restatement on Feb 27, related to the Definitive Cooperation Agreement (DCA) with Zhejiang Huayou Cobalt Co Ltd.

Vale Indonesia Corporate Secretary Filia Alanda said that besides the DCA with Huayou, INCO signed a Joint Venture Agreement and Share Acquisition Agreement with Huaqi (Singapore) Pte Ltd.+ and PT Kolaka Nickel Indonesia (KNI). "This cooperation agreement was executed on Feb 27 in connection with the planned capital participation of Huaqi (Singapore) Pte Ltd in PT Kolaka Nickel Indonesia," Filia said.

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