Narrative
Full Description
Project narrative
On November 30, 2022, PT Yashi Indonesia Investment (硕石印尼投资有限公司) — a joint venture of Zhenshi Holding Group, Co.,Ltd, Shanghai Decent Investment (Group) Co., Ltd and Zhejiang Huajun Investment Co., Ltd. — signed an RMB 7.48 billion ($1.6 billion) Sinosure-backed syndicated loan with 12 Chinese lenders for the IWIP Ferronickel Production Line Project. The members of the lender syndicate included China Development Bank, China Eximbank, Bank of China, Bank of Communications, the Industrial and Commercial Bank of China, China Everbright Bank, China CITIC Bank, Bank of Beijing, China Minsheng Bank (CMBC), China Construction Bank, China Zheshang Bank, and Ping An Bank. The borrowing terms are unknown. The purpose of the project is to construct a nickel metal (ferronickel) production line in Indonesia in the Indonesia Weda Bay Industrial Park (IWIP) with the capacity to produce 126,000 tons of nickel metal each year. On November 7, 2022, the project officially commenced. Then, on June 3, 2024, the first batch of nickel iron was shipped from the facility to China.
Staff comments
1. The Chinese project title is 印尼年产12.6万吨镍金属生产线项目 or 印尼硕石项目. 2. Some sources suggest that the facility has the capacity to produce 300,000 tons of ferronickel per year. 3. The individual financial contributions of the banks that participated in the RMB 7.48 billion syndicated loan are unknown. For the time being, AidData has assumed equal contributions (RMB 623,333,333) across all members of the syndicate. This issue warrants further investigation.