Asia Natural to team up with Russian company
Saturday, January 21 2012 - 02:32 AM WIB
IDX-listed mining and trading company PT Asia Natural Resources Tbk will team up with Russian company to revive the operation of a nickel mine in Bombana, Southeast Sulawesi, which is currently operated by its subsidiary PT Tekonindo.
Stanislaus Say, Corporate Secretary of PT Asia Natural Resources, said that the two companies were still in talks for the possibility of establishing a joint venture. ?Hopefully, the decision can be made this month? he added.
Besides providing fresh funds for the operation of the nickel mine, the joint venture is also expected to help marketing of nickel products overseas. He added that the joint venture would also plan to build a nickel processing plant as part of the cooperation.
?We hope with the cooperation, the nickel mine can begin production in the second quarter of this year,? he added but declined to disclose the name of the Russian company.
PT Tekonindo secured a mining permit in April 2010 but could not begin the production activities due to funding problems. Nickel is expected to contribute about 50 percent to Asia Natural?s total sales.
In 2011, Asia Natura, which is engaged in coal, nickel and iron ore mining, booked total sales of Rp 6.52 billion, dropped sharply from Rp 75.1 billion in the previous year.
Editing by Roffie Kurniawan