SHANGHAI, Dec 3 (SMM) – Hongsheng International Resources Co, a wholly-owned subsidiary of Chengtun Mining Group, intends to sign a joint venture agreement with Extension Investment Pte. Ltd to establish Chengmai Nickel Co. in Indonesia. The initial authorised registered capital is $1million.
Hongsheng International holds a 70% stake in Chengmai Nickel, and Extension holds a 30% stake.
The subsequent authorized capital will be paid according to the progress of the project's funding requirements.
Chengmai Nickel plans to construct a high-grade nickel matte project with an annual output of 40,000 mt (Ni content) in IWIP, Indonesia, with a total investment of $350 million.
Based on the shareholding ratio, Chengmai Nickel’s investment is $245 million.
