Indonesian metal producer PT Aneka Tambang (or Antam) said the company will make a final decision on how to raise funds for its $220 million Tayan chemical grade alumina project.
In a statement, the company mentioned ways to raise funds through the issuance of stocks, but this method requires approval by the Indonesian government. The company said the plan must be approved by the Indonesian government because the Indonesian government intends to reduce its stake in the company from the current 65% to 51%.
The planned Tayan alumina project is located in the Tayan area of ​​West Kalimantan. The development of the project has been pending since 2000 due to legal disputes and financial difficulties. The project was re-launched due to the sharp rise in alumina prices.
According to the company's website, the annual production capacity of the Tayan alumina project will reach 300,000 tons, and the project's declaration period will reach 20 years.
Bauxite is an important raw material for refining alumina. One million tons of aluminum can be produced per 2 million tons of alumina. The bauxite reserves in the Tayan area are estimated at 108 million tons.
The Indonesian government is currently considering limiting potential asset transfers to enable Antam to issue shares. At the same time, Antam will still work closely with its two existing international partners, but the company did not disclose which of the two partners is which company.
The construction of the Tayan alumina project will take 19 months, and the next test will take 9 months.
At the same time, Antam's Kijang bauxite mine on Bintan Island is currently the only bauxite mine operated by the company. The ore of the bauxite mine is mainly exported to Japan and China, and the life of the bauxite mine has expired this year.
The expansion of the company's Pomalaa iron-nickel alloy plant in Sulawesi has now begun and is expected to be commissioned in early 2006. This capacity expansion will increase Antam's annual iron-nickel alloy production from the current 11,000 tons to 26,000 tons. Antam also plans to overhaul and upgrade its existing No. 2 iron-nickel alloy smelter, which requires the smelter to shut down for 4-5 months this evening. The company said in November last year that the smelter closure will be in June this year, the smelter's annual nickel production is 6,500 tons.
In a statement, the company mentioned ways to raise funds through the issuance of stocks, but this method requires approval by the Indonesian government. The company said the plan must be approved by the Indonesian government because the Indonesian government intends to reduce its stake in the company from the current 65% to 51%.
The planned Tayan alumina project is located in the Tayan area of ​​West Kalimantan. The development of the project has been pending since 2000 due to legal disputes and financial difficulties. The project was re-launched due to the sharp rise in alumina prices.
According to the company's website, the annual production capacity of the Tayan alumina project will reach 300,000 tons, and the project's declaration period will reach 20 years.
Bauxite is an important raw material for refining alumina. One million tons of aluminum can be produced per 2 million tons of alumina. The bauxite reserves in the Tayan area are estimated at 108 million tons.
The Indonesian government is currently considering limiting potential asset transfers to enable Antam to issue shares. At the same time, Antam will still work closely with its two existing international partners, but the company did not disclose which of the two partners is which company.
The construction of the Tayan alumina project will take 19 months, and the next test will take 9 months.
At the same time, Antam's Kijang bauxite mine on Bintan Island is currently the only bauxite mine operated by the company. The ore of the bauxite mine is mainly exported to Japan and China, and the life of the bauxite mine has expired this year.
The expansion of the company's Pomalaa iron-nickel alloy plant in Sulawesi has now begun and is expected to be commissioned in early 2006. This capacity expansion will increase Antam's annual iron-nickel alloy production from the current 11,000 tons to 26,000 tons. Antam also plans to overhaul and upgrade its existing No. 2 iron-nickel alloy smelter, which requires the smelter to shut down for 4-5 months this evening. The company said in November last year that the smelter closure will be in June this year, the smelter's annual nickel production is 6,500 tons.
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