Adaro Minerals Announces New Investor and Target Completion Date for Aluminum Smelter Project in 2025

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- PT Adaro Minerals Indonesia Tbk (ADMR) announced the signing of a conditional share purchase agreement between its subsidiary, PT Kalimantan Alumunium Industry (KAI), and Aumay and PT Cita Mineral Investindo Tbk (CITA). 

KAI is a ADMR subsidiary that will develop an aluminum smelter project in three phases of construction, with an estimated total capacity of 1.5 to 2 million tons per year. The first phase, which will produce 500,000 tons of aluminum, is expected to be completed in 2025.

Christian Ariano Rachmat, President Director of PT Adaro Minerals Indonesia Tbk, said that Adaro Minerals is diversifying its business through the development of this first project in Kaltara.

"Through KAI, our aluminum smelter will produce the main components for the electric vehicle battery and renewable energy industry," he said in an official statement.

In addition, he continued, through this project, the company can expand its business and diversify its income through value-added projects, increase Indonesia's aluminum production, and contribute to Indonesia's efforts to become a center for the electric vehicle industry.

He stated that the construction of the jetty and other supporting infrastructure for this aluminum smelter has already begun, and the company expects that the first phase of the project will be completed in the first semester of 2025, with an estimated construction time of about 24 months.

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