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

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JAKARTA: Nickel mining group PT Vale Indonesia on Tuesday signed an investment agreement with China’s Shandong Xinhai Technology Co. Ltd and China Baowu Steel Group Corp. Ltd signed to develop Vale’s project in Sulawesi island.

Ferbiany Eddy, CEO of Vale Indonesia, said at the contract signing ceremony that the project will cost around US$2.1 billion and will be completed in 2025.

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