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:: CAF Invests into the Largest Ferro-nickel Project in Indonesia
China-ASEAN Investment Cooperation Fund (CAF) has signed an investment and financing agreement on 3 October, 2013 to develop a ferro-nickel smelter in Indonesia with Shanghai Decent Investment Group Co. Ltd. and PT Bintangdelapan Investama as partners. The signing was witnessed by the President of People’s Republic of China Xi Jinping and the President of the Republic of Indonesia Susilo Bambang Yudhoyono at the China-Indonesia Business Luncheon held in Jakarta.
The joint venture forms a strong partnership among the 2nd largest stainless steel producer in China, one of the largest nickel miner in Indonesia and CAF to build and operate the country’s largest ferro-nickel smelter. The project is located at the first and newly inaugurated China-Indonesia Industrial Investment and Cooperation Zone. The project will have an annual production capacity of 300,000 tons of ferro-nickel for exports. The investment marks CAF’s first investment in Indonesia and the ninth in ASEAN.
Commenting on the investment, Mr. Li Ruogu, Chairman of both the Export-Import Bank of China and CAF said: “This project sets a milestone to support the growth and sustainability of Indonesia’s heavy industry, particularly the metal refinery industry."
“This project is one of the most important offshore investments for Tsingshan Group. We are fully committed to the development of the nickel industry in Indonesia and within the ASEAN region," commented by Mr. Xiang Guangda, Chairman of Tsingshan Group.
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