Nanshan Aluminium International Holdings Limited is all set to start off preparatory works in 2026 on a new electrolytic aluminium facility in Indonesia’s Galang Batang Special Economic Zone. The facility is planned to produce up to 250,000 tonnes of aluminium a year, with development costs estimated at roughly USD 436.57 million spread across two years, subject to pending environmental and building approvals.

To know more about the global primary aluminium industry 2026 outlook, pre-book the report "Global Aluminium Industry Outlook 2026” at a special price.

The expansion does not stop there. Over the medium to long term, the Group is also assessing the development of a further electrolytic aluminium project with a planned capacity of up to 500,000 tonnes per year. This longer-term ambition reflects management’s intention to gradually bring electrolytic aluminium output into closer balance with the company’s existing alumina production, strengthening coordination between upstream and downstream operations and improving overall efficiency.

Read More: NBS: China's 2025 primary aluminium output rises 2.4 per cent Y-o-Y

According to the company, the decision is identified by a mix of practical and market-driven considerations. The project site offers ample space for expansion, sits close to some of the world’s busiest shipping lanes, and benefits from a global market where demand for electrolytic aluminium is continuing to firm alongside prices. In addition, the Group’s earlier work on alumina developments in Indonesia has given it first-hand knowledge of local operating conditions, helping to limit execution challenges. Taken together, these elements are expected to open up additional revenue streams, lift margins and leave the business better placed to navigate shifts in market conditions.

From an equity market perspective, sentiment remains positive. The latest analyst coverage on Nanshan Aluminium International Holdings Limited shares (2610), which recently gained 5.60 per cent, maintains a Buy rating with a target price of HKD 68.00 ( USD 8.7).

Nanshan Aluminium International Holdings Limited operates as an integrated aluminium producer with both upstream and downstream capabilities. The Group already runs an alumina production facility in the Galang Batang Special Economic Zone on Bintan Island, Indonesia. Its proximity to key maritime routes, including the Strait of Malacca, offers efficient access to markets across Southeast Asia, Europe, India and the Middle East, supporting the company’s ongoing efforts to expand its international customer base and enhance operational performance.

南山铝业拟斥资约4.37亿美元在印尼扩产电解铝

南山铝业国际控股有限公司（以下简称"南山铝业国际"）计划于2026年在印度尼西亚的卡朗巴唐经济特区启动一座新的电解铝厂前期筹备工作。该设施规划年产电解铝25万吨，建设周期预计为两年，开发成本估算约为4.3657亿美元，最终实施尚待取得相关环境和建筑许可。

此次扩产并非终点。从中长期来看，南山铝业国际还在评估建设另一个规划年产能高达50万吨的电解铝项目。这一长远规划反映了管理层意在有步骤地实现电解铝产能与公司现有氧化铝产能的规模匹配，以增强上下游业务协同，提升整体运营效率。

据公司介绍，该决策基于多重实际与市场因素的综合考量。项目所在地拥有充足的扩建空间，毗邻全球最繁忙的航运通道之一，且当前全球市场对电解铝的需求及价格均保持向好态势。此外，公司此前在印尼开发氧化铝项目的经验，使其对当地的运营环境有了第一手了解，有助于减少未来项目执行过程中的挑战。综合这些因素，预计新项目将能开辟新的收入来源，提升利润率，并使公司能更好地应对市场变化。

从股票市场来看，投资者情绪保持积极。近期，南山铝业国际（股票代码：2610）股价上涨了5.60%。最新的分析师报告维持对其股票的"买入"评级，目标价定为68.00港元（约合8.7美元）。

南山铝业国际控股有限公司是一家具备上下游一体化能力的综合性铝业生产商。公司已在印度尼西亚民丹岛的卡朗巴唐经济特区运营一座氧化铝生产设施。该区域靠近包括马六甲海峡在内的关键海上航线，为产品销往东南亚、欧洲、印度和中东等市场提供了高效通道，有力支撑了公司持续拓展国际客户群并提升运营表现的长期努力。