On July 26, Dafenggang Economic Development Zone in China's Jiangsu Province reached agreement on an overseas nickel-related project worth $420 million with Indonesian company Salim Group and Hong Kong-based Yuefeng Group, as reported by Chinese newspaper Xinhua Daily.
The project in question is located in Sulawesi, Indonesia, and targets annual outputs of 3 million mt of laterite-nickel ore and 200,000 mt of ferronickel ore. The project will also include the construction of port facilities to handle five million mt of freight each year and a power station with an annual power generation capacity of 1.5 million KWh. When put into operation, the project's annual sales revenues are expected to reach RMB 5 billion ($7.69 million).