It is reported that Jiangsu based Chinese steelmaker Nanjing Iron and Steel United Co inked a cooperation agreement for exploration of iron rich sand with Indonesia based PT Bumi Makmur Sejahtera with plans to produce iron rich sand in Indonesia in Q1 2012.

The related mining area is located in the south of Sukabumi, in West Java, Indonesia. PT. Bumi Makmur Sejahtera obtained a production permit covering an area of 4,800 hectares offshore and 55.16 hectares on land in April this year.

Accordingly, NISCO and PT Bumi Makmur Sejahtera plan to build a joint venture company with each party holding a 50% stake focused on exploration of iron rich sand in Indonesia. At the same time, they plan to build a smelting plant or a pelletizing plant.

(Sourced from Steelorbis.com)
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