Bank of China contributes to $700 million syndicated loan for Phase 2 of Sulawesi Mining Power Station Project in Morowali Industrial Park (Linked to Record ID#61986, #66200, #66216, #69488, #85817, #66207, #100845)

China Eximbank, BOC, ICBC contributions to $700 million syndicated loan for Phase 2 of Sulawesi Mining Power Station Project in Morowali Industrial Park On May 4, 2015, Guangdong Guangxin Holdings Group Ltd. (Guangxin Group) — a provincial state-owned enterprise in China — signed a $700 million syndicated loan agreement with China Eximbank's Guangdong Provincial Branch, ICBC's Guangdong Provincial Branch, and Bank of China's Guangdong Provincial Branch for Phase 2 of the Sulawesi Mining Power Station Project in Morowali Industrial Park.

The total project cost is 1.028 billion.

Record ID#66207 captures the estimated financial commitment of China Eximbank, Record ID#100845 captures the estimated financial commitment of ICBC, and Record ID#100847 captures the estimated financial commitment of Bank of China. PT.

Indonesia Guang Ching Nickel And Stainless Steel Industry (印尼广青镍业有限公司, or "GCNS") — a joint venture formed between Guangdong Guangxin Holdings Group Ltd. (Guangxin Group), Hanwa (Japanese company), an Indonesian company and a Hong Kong company — was responsible for project implementation, and for securing the remaining $328 million of financing.

Guangxin Holdings provided a corporate guarantee covering 50% of the syndicated loan.

The purpose of the project was to construct a ferronickel smelter — with eight production lines — and a 2 x 150MW (300MW) coal-fired power plant to support the smelter in Indonesia Morowali Industrial Park (IMIP). The precise locational coordinates of the project site are -2.827384, 122.1552699.

The smelter was designed to achieve a 600,000 ton nickel production capacity and feedstock was to be supplied by Bintang Delapan Mineral, a subsidiary of Bintangdelapan. Construction began on May 2, 2014, and began partial production on March 22, 2016.

CDB financed Phase 1 of the Sulawesi Mining Power Station Project in Morowali Industrial Park (as captured in Record ID#66200).

CDB and Bank of China financed Phase 3 of the Sulawesi Mining Power Station Project in Morowali Industrial Park (as captured in Record ID#66216 and ID#69488).

China Eximbank financed Phase 4 of the Sulawesi Mining Power Station Project in Morowali Industrial Park (as captured in #85817).

Multiple deaths have occurred at power station including: the death of a Chinese worker after being run over in 2022, the death of Indonesian workers in 2022 after a furnace exploded, the death of two workers in 2023 after collapse of a nickel waste disposal site, and an explosion in December 2023 which killed 21 workers and injured dozens.

Two Chinese nationals, who were responsible for the operation of the furnace when it exploded in December 2023, were arrested for negligence.