Vale Indonesia signs deal with Shandong Xinhai, Baowu for $2 bln nickel project

11 September 2022

Vale Indonesia signs deal with Shandong Xinhai, Baowu for $2 bln nickel project

JAKARTA - Nickel miner PT Vale Indonesia on Tuesday signed an investment deal with China's Shandong Xinhai Technology Co. Ltd and China Baowu Steel Group Corp. Ltd to develop Vale's project on Sulawesi island.

Vale Indonesia's chief executive Ferbiany Eddy at the deal signing ceremony said the project would cost around $2.1 billion and is due to be completed in 2025.

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