Hyundai Interest in Adaro Aluminum Project
Wed 10 Aug 2022, 11:04 AM
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PT Adaro Minerals Indonesia Tbk (ADMR) through its subsidiary, PT Adaro Aluminum Indonesia, will work on an aluminum smelter project in North Kalimantan. This plan seems to attract foreign investors.
South Korean automotive giant, Hyundai, is reportedly interested in investing in the project, which is estimated to require an investment of around Rp 10.4 trillion. The Hyundai Consortium is even said to have met several times with representatives of the Adaro Group.The meeting was to discuss details related to aluminum investment opportunities used for electric car components in Indonesia. From the discussion process, Hyundai showed interest in investing with the Adaro Group. Adaro's Head of Corporate Communication , Febriati Nadira, was not ready to confirm this news. However, he did not deny that Adaro Minerals has indeed opened the door for foreign investors who already have a track record, experience, and the latest technology in the aluminum industry.
"Currently we are in a more detailed planning process to develop an aluminum smelter, among others, by cooperating with partners from abroad who already have a track record, experience, latest technology and thorough knowledge in the aluminum industry," he told CNBC Indonesia, Wednesday. (10/8/2022). He hopes to be able to immediately realize the investment and start construction by the end of this year. The construction process is expected to take 2 years. "Our hope is that we can immediately realize the investment and start construction by the end of this year, the construction process is estimated to take 24 months," he concluded.
Source: https://www.cnbcindonesia.com/market/20220810122826-17-362619/kode-keras-adaro-soal-minat-hyundai-di-proyek-aluminium
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