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China's Tsingshan sets up US$3B JV in Indonesia to develop coking coal project

Stainless steel producer Tsingshan Holding Group Co. Ltd. signed a deal with chemical company Huafon Group Co. Ltd. on Aug. 27 to set up a US$3 billion joint venture in Indonesia, China Metallurgical News reported, citing a statement by Huafon.

The two Chinese companies will jointly build a 12 million-tonne coking coal project on the island of Sulawesi. The project will also produce synthetic ammonia, nitric acid and polymer materials.

A working group was established to launch the project, according to the report.