Beijing, Jun. 25(Antaike)-On Jun. 24, Vale Indonesia, a subsidiary of Brazil's mining giant Vale S.A. (Brazil's Vale) has signed a framework deal with Taiyuan Iron & Steel (Group) Co., Ltd. (TISCO), a subsidiary of China Baowu Steel Group Corporation Limited (Baowu) and Shandong Xinhai Technology Co., Ltd. (Shandong Xinhai) for construction and operation of FeNi project in Bahodopi, Indonesia.

According to the agreement, the joint venture (51% of shares) between TISCO and Shandong Xinhai will establish a joint venture with Vale Indonesia (49% of shares) to construct and operate a FeNi project situated in Morowali, Indonesia. The FeNi project with capacity of 73kt (nickel in metal) per year contains 8 RKEF smelting production lines. One of the highlights of the project is that its electric power will come from gas-fired power plant, which has lower carbon emissions than traditional thermal power plant.

The final investment decision of the project will be made within the next six months after the technical and financial requirements are met.

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