Cakra to start construction of iron smelter early 2015
Monday, November 3 2014 - 01:23 AM WIB
IDX-listed mining firm PT Cakra Mineral Tbk hopes that construction of its planned iron smelter in North Sumatra to start early next year, and hopes that it could be completed within 18 months, Kontan reported on Monday.
The iron smelter, which will process about 200,000 tons per year of iron ores into pig iron, will be built by subsidiary PT Cakra Smelter Indonesia, which is a joint venture with Hong Hong?s Z&Z International Ltd.
Cakra Corporate Secretary Dexter Jusuf was quoted as saying that his company holds majority stake in the joint venture.
He added that Cakra will supply about 35,000 tons of iron ores per year to the planes smelter from its own mines run by subsidiary PT Persada Indo Cakra, while the rest will come from mines owned by other firms. (*)