China’s Evercontaining Electric Suffers Setbacks in Coal, Nickel Investments in Indonedia

SHANGHAI, JUL. 2 (SMM) - China’s Evercontaining Electric Co. suffered a series of setbacks in coal and nickel resources investments in Indonesia, the Qingdao-based company said.

Mining right license cannot yet be obtained for a coal mine the company has been trying to acquire, it told Shenzhen Stock Exchange over the weekend, adding it is seeking a local partner to help with holding stock rights.

The company’s wholly-owned, Singapore-based unit H&SHUN International Holding Pte. announced in November, 2012 to acquire a 76% stake each in PT Integra Prima Coal and PT Kutai Nyala Resources, and a 100% stake in PT Ironman Royale Indonesia.

Evercontaining Electric has also been trying to invest and build an industrial park to produce nickel pig iron since this year, it said, adding it is still studying operational feasibility of the project.

In addition, the company has embarked on acquisition of a 17% stake in nickel miner PT. Ceria Nugraha Indotama, it said. However, the miner has not been able to supply legal documents required, it said.

Evercontaining Electric supplies electric equipment to China’s State Grid, railways and docks, as well as to energy and mining enterprises.