Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Company

Chinese company CNGR joins hands with Singapore-based firm to invest in high nickel matte smelting projects in Indonesia

May 20, 2022


Abstract : Chinese company CNGR Advanced Material Co., Ltd. (300919.SZ) announced on Wednesday that it agreed three of its wholly-owned secondary subsidiaries to sign separate cooperation agreements with Singapore-based RIGQUEZA INTERNATIONAL PTE. LTD. (RIGQUEZA) on high nickel matte smelting projects in Indonesia, reported China Securities Journal.

photo.jpg

File photo taken on April 8, 2017 shows Tanjung Priok Port in Jakarta, Indonesia. (Xinhua/Du Yu)

BEIJING, May 20 (Xinhua) -- Chinese company CNGR Advanced Material Co., Ltd. (300919.SZ) announced on Wednesday that it agreed three of its wholly-owned secondary subsidiaries to sign separate cooperation agreements with Singapore-based RIGQUEZA INTERNATIONAL PTE. LTD. (RIGQUEZA) on high nickel matte smelting projects in Indonesia, reported China Securities Journal.

The three subsidiaries are CNGR Hong Kong Xingquan New Energy Co., Ltd., CNGR Hong Kong Xingqiu New Energy Co., Ltd., and CNGR Hong Kong Xingxin New Energy Co., Ltd.

According to the agreement, the three subsidiaries of CNGR will respectively cooperate with RIGQUEZA to invest in the construction of a laterite nickel ore smelting project with an annual output of 40,000 tonnes (metric tons) of high nickel matte nickel-containing metals in the Weda Bay industrial park in Indonesia.

The investment of each project is 420 million U.S. dollars, with the total investment of the three projects standing at 1.26 billion U.S. dollars.

The three subsidiaries of CNGR will respectively set up a joint venture with RIGQUEZA in Indonesia to implement the project. Each joint venture will be 70 percent owned by the subsidiary of CNGR and 30 percent owned by RIGQUEZA.

(Edited by Zhang Yao, Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)

Scan the QR code and push it to your mobile phone

Keyword: Indonesia projects Chinese company

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial