Antam, Marubeni up stake in Kalimantan alumina project

IDX-listed state mining firm PT.Aneka Tambang Tbk reported on Monday that it and Japanese firm Marubeni Corp. had increased their stake in Tayan alumina project in West Kalimantan.

The company said in a report filed with the IDX that it had bought 15 percent stake of PT. PT Indonesia Chemical Alumina (ICA); the JV company that runs the project, from Straits Trading Amalgamated Resources (STAR), which quit the project. The company also bought additional 10 percent shares of Japanese firm Showa Denko KK, which reduced its interest to 20 percent from 30 percent.

The acquisition has increased Antam?s shareholding to 65 percent from 49 percent.

Marubeni also increased its shares in ICA to 15 percent from 6 percent by acquiring 9 percent of Showa Denko?s shares.

With the transaction completed, ICA shareholders composition is as follows: Antam (65 percent), Showa Denko KK (20 percent) and Marubeni Corp. (15 percent).

Antam said it hoped to achieve financial closing for the project?s financing in 2009.

ICA had appointed Japanese firm Kawasaki Heavy Industries Ltd. as EPC contractor to build the plant.

The plant would produce 300,000 tonnes per year chemical grade alumina. Showa Denko will also act as offtaker of some of the plant?s output and Marubeni will act as marketing agent. (alex)