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Chinese Baiyin Nonferrous plans to setup a stainless steel plant in Philippines-The 18th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
10/25/2016 Stainless Steel Exhibition |
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Bloomberg reported that China¡¯s Baiyin Nonferrous Group Co has agreed to consider setting up a stainless steel plant in the Philippines that could cost as much as USD 700 million. The state owned firm will look at various resources projects in the Southeast Asian nation under a memorandum of understanding signed with Global Ferronickel Holdings Inc.
Under the deal, signed during President Rodrigo Duterte¡¯s state visit to China, Baiyin may also provide trade financing to Global Ferronickel¡¯s Ipilan mine in Palawan province.
Global Ferronickel Chairman Joseph Sy in a separate statement said that ¡°We recognize the importance of promoting close cooperation with China to spur economic growth in the country. We see Baiyin as a strong partner who will play a vital role with us in creating greater value added in the nickel value chain.¡±
The stainless steel plant would cost USD 500 million to USD 700 million, with an annual capacity of 1 million tonnes using ore from the Philippines, according to Global Ferronickel, the nation¡¯s second-biggest producer. The potential investment comes amid an environmental audit instigated by Duterte that threatens to shutter some nickel mines, which are the biggest suppliers of ore to China¡¯s stainless steel industry.
-The 18th China(Guangzhou)Int''l Stainless Steel Industry Exhibition
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