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CNGR to Build Nickel Industrial Area in Southeast Sulawesi
WINDONESIA November 14, 2024
Illustrative photo on nickel production. (IMIP)
CNGR Ding Xing New Energy have proposed to build an integrated nickel industrial area in Southeast Sulawesi Province with an estimated investment value of US$ 10.5 billion or about Rp164.34 trillion (assuming Rp15,651 per US$1). CNGR Indonesia's Public Relations Director Magdalena Veronika said that the plan had been mentioned in a state document.
"There are a lot of details for the project's stages, hence I can't convey all of them as it's not my field of expertise. But what we can assure you is that the investment could reach US$10.5 billion," she explained in a discussion at the Office of the Energy and Mineral Resources Ministry's Mineral and Coal Directorate-General in Jakarta on Oct. 30, 2024.
Veronika added that the CNGR industrial area development project is located in North Konawe Regency, Southeast Sulawesi, under the name of PT Kawasan Industri Tekno Hijau Konasara. She revealed that it will span an area of 3,000 to 5,000 hectares and will be submitted for inclusion in the list of national strategic projects (PSN).
Veronika also explained that the plan to build the new industrial area will be divided into three stages which is projected to be done in at least 15 years. She divulged that CNGR Indonesia continues to coordinate with the government, especially with the Energy and Mineral Resources Ministry, the Industry Ministry, and the Investment and Downstreaming Ministry for the project's completion.
"At present, more than 50 percent of our assets are in Indonesia to fulfill our supply chain needs," she said.
CNGR is a nickel producing company whose nickel metal products have been listed and sold on the international nickel exchange, the London Metal Exchange (LME), since May 2024 under the "DX-zwdx" code. PT CNGR Ding Xing New Energy, a joint venture between the Chinese battery material group CNGR Advanced Material Co. and Rigqueza International PTE Ltd, produces nickel with 99.8 percent purity level.
PT CNGR Ding Xing New Energy's main product is electrolytic nickel plating, which comes from a smelter within the Indonesia Morowali Industrial Park in Central Sulawesi. The company produces 50,000 tons of full sheet metal each year with those specifications.
Source: www.cnbcindonesia.comRelated Articles
