Baosteel to develop lateritic nickel deposits in Indonesia with Modern Group

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.