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Antam invest US$ 320 million to expand ferronickel smelter in East Halmahera

12 October 2018 05:49 AM  Company: PT. Aneka Tambang Tbk[ANTM]
Rp. 855  -30 (-3.39%)

JAKARTA - PT Aneka Tambang Tbk (ANTM) expanded its ferronickel Smelter NPI Blast Furnance East Halmahera which has a production capacity of 30,000 nickel. The company has signed a Head of Agreement (HOA) with Ocean Energy Nickel International Pte Ltd (OENI) to expand the plant at the IMF-World Bank 2018 Indonesia Investment Forum Annual Meeting in Nusa Dua, Bali.

Arie Prabowo Ariotedjo, President Director of PT Aneka Tambang Tbk (ANTM) said the project will bring added value to minerals in the production managed by the company. "This project will increase the total annual nickel production and is expected to support the company's performance," he said as quoted from the press release.

The investment for the project amounted to US $ 320 million which has 8 lines. Two lines 8 expect production in the fourth quarter of 2020 and for all lines to run in 2023. The project will add to Antam's smelter, in addition to a ferrous nickel plant in Pomalaa, Southeast Sulawesi, with a capacity of 27,000-30,000 TNi and ferro nickel in East Halmahera at around 13,500 TNi . (LK)

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PT. Aneka Tambang Tbk [ANTM]   Rp. 855   -30 (-3.39%)