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United Tractors (UNTR) Interested in Nickel and Copper Mining

Wed 07 Dec 2022, 10:00 AM



Astra Group's mining company, PT United TractorsTbk. (UNTR) is known to be looking at new metal mines and renewable assets, to reduce its dependence on coal.

UNTR President Director Frans Kesuma said UNTR is actively looking for nickel mines to buy in Indonesia. In addition, UNTR is also actively seeking gold mines with reserves of at least 2 million ounces, and copper in Australia and Canada.

Bloomberg said that currently 75 percent of UNTR's total revenue comes from coal mining and mining services.

Frans said UNTR will not make any new investments in fossil fuels. However, Frans declined to say if UNTR plans to sell its coal assets at this time.

"We will not drastically downgrade our existing businesses, due to the fact that they are making money for our future growth," said UNTR Finance Director Iwan Hadiantoro.

UNTR is listed as building a large-scale solar and water project, after buying shares in hydropower infrastructure company PT Arkora Hydro Tbk. (ARKO) for US$ 11.2 million.

Bloomberg said UNTR plans to finance the new projects using cash, with standby loan facilities from several banks.

According to Iwan, the acquisition of two metal mines requires an allocation of up to US$1 billion. UNTR is also considering issuing green bonds of US$250 million to US$500 million, to fund renewable energy projects.

Image source: UNTR



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