Cita Mineral raises equity in joint venture

By Peni Pedriawan

PT Cita Mineral Investindo Tbk (CITA), IDX-listed mining company, announced a change in the share ownership composition in the joint venture firm PT Well Harvest Winning Alumina Refinery, which would build and operate an alumina processing plant in West Kalimantan.

In a disclosure document filed to the Indonesian Stock Exchange, CITA said that the amount of the paid-up capital in Well Harvest Winning Alumina Refinery had been increased from Rp 10.02 billion to Rp 94 billion.

Under an agreement signed on Dec. 27, 2012, China Hongqiao Group Limited has a 60 percent stake in the joint venture and Winning Investment (HK) Company Limited holds a 10 percent stake, while PT Cita Mineral Investindo and PT Danpac Resources Kalbar hold 25 percent and 5 percent respectively

The company did not give further details about the smelter?s planned capacity.

Cita Minerals, which is controlled by Lim family has 90 percent stake in PT Prima Harita Abadi Mineral and PT Karya Utama Tambang Jaya, both are top bauxite producers with mines located in Ketapang regency, West Kalimantan.

Editing by Benget Besalicto Tnb.