Jul 20, 2010

Antam & Hangzhou sign US$1 bio project

One of nickel and gold player PT Aneka Tambang Tbk (Antam) and Chinese Hangzhou Jinjiang Group (HJG) has entered into first amended and restated joint venture agreement of smelter grade alumina project worth US$1 billion in West Kalimantan.
In a press release today, Antam's President Director Alwin Syah Loebis said smelter alumina's plant, located in Mempawah, West Kalimantan, is estimated to produce 1 million metric tons of alumina annually from 4 million wmt of bauxite. 
"Antam will own 49% stakes in the smelter project, while the remaining will be controlled by Hangzhou Jinjiang. It is an option for Antam to boost stakes into majority after the plant runs commercially operation in 3 years," he said.
Construction of the project will be commenced in 2011 and the commercial operation is targeted in 2014.  

Disclosure: No position at the stock mentioned above.

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