Mining Industry Indonesia assigns $2 billion annual capex with focus on building alumina refinery
Mining Industry Indonesia (MIND ID) has assigned a capital expenditure (capex) of Rp 29 trillion (US$2.05 billion) for the year 2021, with a focus on developing an alumina refinery.
MIND ID president director Orias Petrus Moedak said last week that of the total allotted fund, Rp 2 trillion would be used for working capital while the remaining amount toward strategic projects in the pipeline, including metal smelters and a coal gasification facility.
However, a maximum chunk of the project capex is reserved for an alumina refinery worth between 700 million and $800 million. The refinery is planned to be having a capacity of grading 1 million tonnes of alumina per annum, and its operation is estimated to begin in 2023.
“That funding is around 70 percent of the [alumina] project’s total value,” said Orias during a virtual press conference.
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