At a China-Brazil business seminar held in Beijing on Wednesday, March 29, Vale announced the signing of seven cooperation documents with its Chinese partners to strengthen the strategic agenda and consolidate ties with China.
The seven cooperation documents include the project investment agreement for the Molovali Project in Indonesia; A partnership agreement was signed with a Chinese customer and a Chinese supplier to advance the company's decarbonization agenda, a memorandum of understanding on comprehensive strategic cooperation was signed with two leading Chinese financial institutions, and an agreement was signed with two Chinese universities to enhance cooperation.
About Indonesia Project Investment Agreement:
Vale Indonesia, a subsidiary of Vale in Indonesia, has signed project investment agreements with Taiyuan Iron and Steel (Group) Co., LTD. (" TiSCO Group ") and Shandong Xinhai Science and Technology Co., LTD. (" Xinhai ") for the construction of a rotary Kiln Electric Furnace (RKEF) nickel iron smelter and its supporting facilities in Molovali County, Indonesia, with an estimated annual output of 73,000 tons of nickel. The Morovalli project will be powered by natural gas and is a green and low-carbon project. Tisco, a world-renowned stainless steel producer, is a subsidiary of China Baowu, the country's largest state-owned steel company.
The Morovalli project, formerly known as the Bahadobi Project, was approved by Vale's board of directors in July 2022 and is expected to begin production in 2025.
