Cakra plans to team up with Chinese investor to build smelter
Tuesday, August 20 2013 - 03:28 AM WIB
By Hiski Darmayana
IDX-listed iron ore mining firm PT Cakra Mineral Tbk plans to sign an agreement with a Chinese firm in early 2014 to develop a domestic smelter, which will process iron ores into steel product. The company, however, declines to reveal the name of the Chinese investor.
Cakra Corporate Secretary Dexter Putra told Petromindo.com Monday that the planned smelting facility will have a capacity of 500,000 tons per year. ?However, we have yet to determine on the amount of iron ore supply,? he said.
Formerly a plantation company, Cakra has an iron ore concession in Sungai Kunyit, West Sumatra, run by subsidiary PT Persada Indo Tambang.
Editing by Reiner Simanjuntak