China’s Baowu Group partnering with Vale for Indonesian nickel project

The world’s leading steelmaker, China’s Baowu Steel Group has entered into an agreement to collectively invest for a nickel pig iron (NPI) project in Indonesia with Brazilian iron ore major Vale and China’s Xinhai Technology, as per latest reports. Baowu, the parent company of China’s second biggest stainless steelmaker, Tisco, will first establish a Chinese joint venture with Chinese NPI maker Xinhai, and then set up a joint venture with Vale Indonesia. The joint venture will be in Morowali on the Indonesian island of Sulawesi and has a target production capacity of 73,000 t of NPI per year, SteelMint learnt from a recent statement released by Baowu.