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

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

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.