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Ifishdeco will build a nickel smelter worth Rp 1.5 trillion

06 December 2019 06:22

JAKARTA. PT Ifishdeco Tbk (IFSH), a nickel mining company, plans to build a new smelter through its subsidiary, PT Bintang Smelter Indonesia.

Christoforus Pranoto, Corporate Secretary of IFSH, said the Rp 1.5 trillion smelter will be built using the company's Initial Public Offering (IPO) fund. IFSH expects to obtain as much as Rp 187 billion in its IPO held on Thursday (6/12) yesterday.

Meanwhile, the remainder comes from internal funds and third party investments. "Funding is from cash and there is an investor from China, Huwang Hee," Pranoto was quoted as saying by Kontan.

IFSH has not confirmed when the groundbreaking will take place. But the company has signed a power purchase agreement from PT PLN (Persero) for the smelter. (KR/AR)

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