Economics
Chinese Group Mulls $700 Million Steel Investment in Philippines
- Baiyin, Global Ferronickel sign memorandum of understanding
- Deal signed during Duterte’s 4-day state visit to China
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China’s Baiyin Nonferrous Group Co. agreed to consider setting up a stainless steel plant in the Philippines that could cost as much as $700 million, as part of a wider push to boost trade and economic ties between the two countries.
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., the Philippine producer said in a stock exchange filing on Friday. 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, it said.