Taiwan’s E United Group plans to mine nickel and build a steel plant in Indonesia in a project that may cost up to Tw $10 billion ($330 million), the company and reports said Tuesday.
E United, a leading steel conglomerate headquartered in south Taiwan’s Kaohsiung city, has signed a letter of intent with an Indonesian company to jointly mine nickel, the Taipei-based Economic Daily News said.
The paper did not identify the Indonesian company. Nickel is a key material used in the production of stainless steel.
“Indeed we do have such a project,” an official with the conglomerate said when reached by AFP to comment on the report.
She did not provide details of the joint investment plans, but the paper said the plans would help the group ensure sufficient supplies of raw materials for plants it has built in China.