By Ying Xian Wong
Press Metal Aluminium said it has entered into joint venture agreement with three Indonesian companies to establish and operate an alumina refinery in West Kalimantan, Indonesia.
The refinery, with a capacity of 1 to 1.2 million metric tonnes annually in Phase 1, could potentially double its output, Press Metal said late Wednesday.
Press Metal will have an 80% equity interest in the project, whose first phase is expected to cost $750 million, it said.
Indonesia company Kalimantan Alumina Nusantara will establish and operate the integrated alumina refinery, power plant, jetty, and supporting infrastructure, while Alakasa Alumina Refineri and Dinamika Sejahtera Mandiri will hold 19.77% and 0.23% stake, respectively, it said.
This move strengthens Press Metal's upstream operations, ensuring self-sufficiency, operational efficiency, and driving sustainable long-term growth, CEO Paul Koon said.
Write to Ying Xian Wong at yingxian.wong@wsj.com
(END) Dow Jones Newswires
September 18, 2024 21:03 ET (01:03 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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