Antaike, May.24 (Beijing)-Huayu Coalt announced On May 23 that the fifteenth meeting resolution of the fifth board of directors of the company deliberated and passed the "Proposal on Establishing Joint Venture and Providing Guarantee for Foreign Investment".

Huayou Cobalt will set up a joint venture call PTHuayu Nickel Cobalt to build a Laterite nickel ore hydrometallurgical project in Weda Bay, Indonesia to produce about 120kt of nickel (100% nickel content) and about 15kt of cobalt (100% cobalt content). This project is planned to have a total investment of about USD2.08 billion (about RMB13.37 billion). The authorized capital of the joint venture company is USD10 million (RMB 64.3 million) at the time of establishment, of which USD 2 million is subscribing by huayu international cobalt industry, and the shareholding proportion is 20%.

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