JMI hopes Chinese firm to invest in smelter project

By Thomas Sembiring

PT Jogja Magasa Iron (JMI), a subsidiary of ASX-listed Indo Mines Ltd, is currently waiting for firm response from a Chinese firm to become strategic partner at a smelter project that would process iron sand concentrates into finished steel products in Kulon Progo, Yogyakarta.

?We?re still waiting (for response) from the Chinese investor,? Bambang Setiawan, JMI Commissioner to Petromindo.com on Tuesday, but did not disclose the identity of the Chinese firm.

He said that in the meantime, JMI suspended the smelter project until it obtains certainty from the would-be strategic partner.

He added that initially JMI and its partner Jogja Magasa Mining were also in talks with potential partner from Russia, but now the only opportunity for partnership in the Yogyakarta smelter project is likely to come only from China, which is expected to help fund the project.

Editing by Reiner Simanjuntak