05 Dec The Anugrah Smelter Grand Opening
SGX-Catalist listed Silkroad Nickel Ltd. (“Silkroad” or the “Company”, and together with its subsidiaries, the “Group”), an Indonesian nickel mining group, is pleased to announce that, on 4 December 2019, the Company, together with its subsidiary, PT Teknik Alum Service (“PT TAS”), have signed a binding definitive head of agreement (“Agreement”) with Renewable and Sustainable Energy Holding Pte Ltd (“R&S”), PT Artabumi Sentra Industri (“PT ASI”) and PT Anugrah Tambang Smelter (“PT ATSM”) (the Company, PT TAS, R&S, PT ASI and PT ATSM, individually known as the “Party” and collectively known as the “Parties”) to form a joint venture to build and operate smelter facilities for the production of nickel pig iron (“NPI”) on the Group’s mine site in Sulawesi, Indonesia.
Mr Hong Kah Ing, Executive Director and Chief Executive Officer of Silkroad commented, “We are pleased to announce the signing of the Agreement to form a joint venture to build and operate the nickel smelter plant at our mine site. This is an important milestone in our Group strategy to build its downstream business and is a significant step towards our Group’s strategy of becoming an integrated nickel mining company.”
For the full SGX announcement, please click here.