Citra Mineral ups stake in alumina refinery firm
Tuesday, March 25 2014 - 01:24 PM WIB
IDX-listed mining firm PT Citra Mineral Investindo Tbk (CMI) has bought a 5 percent sake or 4,700 shares owned by its partner PT Danpac Resources Kalbar in PT Well Harvest Winning Alumina Refinery (WHW), which would build and operate an alumina processing plant in West Kalimantan.
CMI pays US$490,000 for the stake, the firm said in a statement filed with the Indonesian Stock Exchange on Tuesday.
Earlier, the firm announced it had a 25 percent stake in WHW. The share purchase has thus brought CMI?s state in WHW to 30 percent.
WHW is in the process of constructing a US$1 billion smelter in Kendawang, West Kalimantan, 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 Johannes Simbolon