State-owned Indonesian group PT Antam Tbk has secured $292.5m. of financing from Japanese banks to fund construction of its 300,000 tpa alumina trihydrate (ATH) plant in Tayan, West Kalimantan.
Commissioning of the chemical grade alumina plant - operated by subsidiary PT Indonesia Chemical Alumina (ICA) - commenced in April, and the site is now expected to begin commercial production in March 2014.
The Japan Bank for International Cooperation, in addition to Mizuho Corporate Bank and Sumitomo Trust and Banking, are providing the capital, ICA president director Hendra Santika revealed, after the loan was signed yesterday.
ICA is owned 80% by Antam and 20% by Japanese alumina producer Showa Denko. It is understood that of the initial 300,000 tpa capacity, Showa Denko will take 200,000 tpa while Antam will sell the remaining 100,000 tpa to domestic markets.
“Around 10-20% from the total 200,000 tonnes will be exported...