Tsingshan Group and Merdeka Copper Gold work on Acid Iron Metal project
JAKARTA - Eternal Tsingshan Group participates as a 20% shareholder in the joint venture agreement for the Acid Iron Metal project worked on by PT Merdeka Copper Gold Tbk (MDKA) in Indonesia Morowali Industrial Park (IMIP). Adi Adriansyah Sjoekri, Corporate Secretary of PT Merdeka Copper Gold Tbk (MDKA) said in an information disclosure quoted on Wednesday (17/2).
He conveyed that the company will form a joint venture through PT Batutua Pelita Investama (BPPI) with Tsingshan through its affiliated company, Wealthy Source Holding Limited. "80% of the shares will be owned by BPI and 20% will be owned by Wealthy," he said.
According to him, the funding commitment for this project is US$ 90 million, each of which comes from internal companies. The AIM project, he said, would expand the company's wetar copper resource asset base. "The joint venture is to process pyrite ore and the company's wetar copper project," he said.
For information, Wealthy and Tsangshin are both Chinese companies based in Hong Kong. (LK/LM)