Cita Mineral expects alumina smelter to start operation in 2015
Friday, January 24 2014 - 03:13 AM WIB
IDX-listed PT Cita Mineral Investindo Tbk reiterated that its affiliated company PT Well Harvest Winning Alumina Refinery (WHM) is expected to begin the operation of an alumina smelter currently being constructed at the end of next year.
Cita Mineral said this in a statement filed with the Indonesia Stock Exchange Thursday as it announced that the company has stopped bauxite export following the introduction of the export ban on mineral ores by the government on January 12, 2014.
Cita Mineral has three bauxite mining subsidiaries namely PT Harita Prima Abadi Mineral, PT Karya Utama Tambangjaya and PT Sandai Inti Jaya Tambang in East Kalimantan.
As previously reported, WHM, which is 25 percent owned by Cita Mineral, and 75 percent owned by China Hong Qiao Group Ltd, is in the process of constructing a US$1 billion smelter in Kendawang, Ketapang Regency, to process bauxite into alumina.
The first phase of one million tons a year capacity is expected to start operation in 2015, while the second 1 million-ton per year capacity in 2017.
The alumina produced by the smelter will be supplied to domestic buyers particularly for aluminum producer PT Inalum in North Sumatra.
Editing by Reiner Simanjuntak