The Chinese company Chengtun Mining Group has announced that it is investing in a nickel production project in Indonesia. Metal is an important component for the production of batteries for electric cars.
The total amount of Chinese investment in a joint project in Indonesia should reach $ 245 million. The Chinese mining company should then acquire a 70% stake in the joint venture. The remaining 30 percent will be in the hands of Singapore’s Extension Investment Pte, which will invest another $ 105 million in the joint venture.
The annual capacity of the project called PT ChengMach Nickel is to reach up to 40,000 tons of nickel. It will be the second company in which the Chinese mining company Chengtun Mining Group participates in Indonesia. And like the first one, it will be located in the Weda Bay area on Halmahera Island, which is the seventh largest Indonesian island with an area of less than 18,000 square kilometers.
Investments in nickel mining and processing projects in Indonesia are gaining in popularity among Chinese investors. Nickel is one of the important metals used in the manufacture of batteries for electric vehicles.
