Antam needs $200 million for development of bauxite plant
Friday, January 16 2004 - 01:13 AM WIB
Recently, the publicly listed Antam has completed its feasible study and submitted a proposal to the government.
Antam?s president director Deddy Aditya Sumanagara said his company has not yet finalized any funding scheme for this bauxite project in West Kalimantan.
?It?s not final. We need a scheme. If we have a complete scheme, we can convey it to the government,? Deddy told reporters on Thursday after speaking at a seminar on ?Indonesian Competitive Issues & Case Study: The Role of Plantation Bill in Creating a Sustainable and Competitive Plantation Industry? in Jakarta.
As far as the funding is concerned, Antam has several alternative sources like strategic partner, cash flow investor, rights issue or privatization programs.
?We need to talk to government, as the majority shareholder, regarding rights issue. It will take a decision on it,? Deddy said.
Meanwhile, Deddy said the Ferro Nickel II (FeNi II) overhaul project will be completed by June or July 2004. Originally it was scheduled to be completed by end of March 2004.
It will take five months to carry out the overhaul program and to install new technology at the smelter.
?With this overhaul, we would like to have added value, which is very good. So, we do not want an ordinary overhaul but also to use new technology,? Deddy said. (*)