Merukh to build $10 billion copper smelters

Mining businessman Yusuf Merukh will build two copper smelters with an investment of US$10 billion in Papua and Sumbawa.

Each of the smelters will have a handling capacity of 500,000 tons.

Merukh Enterprise is in the process of obtaining permits for the smelters from the Ministry of Energy and Mineral Resources.

?It is expected that the construction of two smelters will be realized next year,? Merukh, the owner of company, said in Jakarta on Wednesday.

According to Merukh, the main reason behind the plan was the constant rise in copper prices on the international market and the demand from Japan has also been increasing every year.

When asked about the funding, Merukh said his company is currently looking for funds from foreign countries.

?Several foreign investors are interested. So if people say investors hesitate to come to Indonesia, it is not true. Actually, we are the one who are lazy to pick up the ball,? Merukh said. (godang)