China Nonferrous Metal, or NFC, announced plans Thursday to build an 8 million mt/year lead and zinc project in North Sumatra, Indonesia, with Russia's Metals of Eastern Siberia Corp., or MBC.
"On October 22, NFC and MBC inked the Dairi engineering, procurement and construction contract under which NFC will undertake construction of the lead and zinc project, while MBC will be the contractee," NFC said in a statement Thursday.
The project will take three years to build at an estimated cost of $1.14 billion. The site has an estimated resource of 2.56 million mt of zinc metal and 1.5 million mt of lead metal, according to NFC.
"The contract, which will last for three years, will take effect within a month, after negotiations on payment, technology, quality and funding terms have been completed and agreements inked," NFC said.
Lead, zinc, copper and bauxite miner NFC has nonferrous metal mining interests in Mongolia, Kazakhstan, Iran, Vietnam, Australia and Canada.
