Antam Cancel Bintan Alumina Smelter Project

Antam Cancel Bintan Alumina Smelter Project

PT Aneka Tambang (Antam) Tbk had cancel Smelter grade alumina (SGA) project in Bintan, Riau province.

Bimo Budi Satrio corporate secretary Antam (04/22) said Antam had cancel that project cause the bauxite reserve in Bintan to feed the alumina smelter getting decrease, so the project not promising and unworthy.

SGA project aimed to set up USD 250 million smelter plant to process bauxite to alumina with production capacity 400.000 metric ton process alumina annualy and start production in 2010.

But, from the beginning the project not work smoothly. Antam had to change partner twice.
at first, Antam partner with Xinfa Alumunium Corporation from China. in that project the share is 51% Antam and 49% Xinfa.

Later on, Xinfa propose new conditional agreement that was burdensome which request Antam to guarantee all supply to SGA plant.

Then Antam replace Xinfa to Tingshan also from China. share ownership also similar but the replacement bring no good result, cause bauxite reserve for material in the plant not enough, the reason is Antam will prioritize the supply to Chemical Grade Alumina (CGA) plant in Tayan West Kalimantan.

But, Tayan Alumina project still postpone cause Antam still waiting the fund from Japan Bank for International Cooperation (JBIC).

CGA plant in Tayan will process bauxite to chemical grade alumina with plant production capacity 300.000 ton annualy. the plant set up start in 2008 and start production in 2010.

For CGA project, Antam partnered with Showa Denko KK (SDK) Japan, Straits Trading Amalgamated Resources Private Limited of Singapore (STAR) Singapore and Marubeni Corporation Japan which set up joint venture company PT Indonesia Chemical Alumina with composition of share ownership Antam 49%, SDK 30%, STAR 15% and Marubeni 6%.

Based on first estimation, project value will be USD 255 million which 65% of the fund derive from loan and the rest from joint venture company financial capital.

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