Major Chinese steelmaker
Baosteel Group has announced that its
Indonesia-based subsidiary
Baosteel Indonesia Resources Inc. has signed an agreement with
Indonesia-based Modern Group to jointly develop lateritic nickel deposits in the southeast of Sulawesi Island,
Indonesia.
Since 2006,
Baosteel has been researching the possibilities of developing lateritic nickel deposits in
Indonesia. In April 2007, an initial framework agreement was inked between the two sides for the exploration of such deposits.