Antam to set up JV for smelter project next year

IDX-listed mining firm PT Aneka Tambang Tbk (Antam) said that it hopes to be able to set up a joint venture (JV) company in May of next year to develop the planned smelter grade alumina (SGA) plant in Mempawah, West Kalimantan.

Antam Corporate Secretary Tri Hartono said Monday that following the signing of an MoU with state-owned aluminum producer PT Inalum in July for the planned SGA plant, the two firms are now seeking for a strategic partner through a ?beauty contest,? the process of which expected to be completed in November of this year. ?A joint venture company is targeted to be set up in May 2016,? he was quoted as saying.

While declining to disclose names, Tri said that several foreign firms including from China, South Korea, Dubai, and Russia have expressed interest to become the strategic partner.

He added that Antam and Inalum will be majority in the planned JV. The Office of the State Minister of State Owned Enterprises has set a target for the SGA plant ground breaking in the second quarter of 2016.(*)