Well Harvest to invest $400m for smelter expansion
Wednesday, June 14 2017 - 02:43 AM WIB
West Kalimantan alumina smelter PT Well Harvest Winning Alumina will spend up to US$ 400 million to double smelter capacity to produce 2 million tonnes per annum of smelter grade alumina.
Deputy Director Finance and Accounting Hidayat Sugiarto told Petromindo.com on Monday that the company is still evaluating options to finance the expansion.
Deputy General Manager, Stevi Thomas said that decision on the expansion will be finalized in the third or fourth quarter of this with construction expected to be completed in one year.
To support expansion, the company also plans to double coal-fired power plant capacity to 160-MW.
Currently the company consumes around 500,000 tonnes per year of low rank coal for the power plant and another 250,000 tonnes per year of 5,800 kcal/kg coal for its gas plant.
Stevy said in Well Harvest is targeting to produce 1 million tonnes of SGA this year.
Well Harvest gets most of its metallurgical grade bauxite supply from mines operated by PT Cita Mineral Investindo Tbk. Subsidiary.
Well Harvest is a joint venture of IDX-listed Cita Mineral Investindo (30%), China Hongqiao Group Limited (56%), Winning Investment (HK) Company Ltd.(9%), dan Shandong Weiqiao Aluminium and Electricity Co.Ltd (5%).
Edting by Alexander Ginting