JAKARTADAILY.ID - PT Adaro Aluminum Indonesia, a subsidiary of the publicly listed company PT Adaro Energy Tbk, signed a Letter of Intent (LoI) to invest US$728 million for the development of an aluminum smelter at the world's largest green industrial park being developed by PT Kalimantan Industrial Park Indonesia.
After signing the LoI on Tuesday in Bulungan regency of North Kalimantan, Adaro’s Vice President Director Ario Rachmat said that to develop the project, Adaro will collaborate with local and foreign partners who have the expertise, experience, and cutting-edge technology of the aluminum industry.
"Aluminum smelter is a promising business, as global demand for aluminum products will keep rising for production of various products, especially cable, battery, and chassis. We also expect that other industries, such as solar panels and electric vehicles that will need aluminum, can be also developed here," he said.
"Adaro's aluminum smelter will also utilize the renewable energy generated from hydropower plants and solar power plants that will be developed to support the estate," Ario said. But he did not elaborate on the capacity of the planned aluminum smelter. (*)