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. Last Updated: 07/27/2016

Antam Plans Smelter With RusAl

HONG KONG -- Indonesian state-owned miner Aneka Tambang Tbk said Tuesday that it was planning to build a new aluminum smelter jointly with United Company RusAl, the world's largest aluminum producer, in Kalimantan, the Indonesian portion of the island of Borneo.

A memorandum of understanding on the project will be signed by President Vladimir Putin in Indonesia on Sept. 22, although costs, capacity and the share of equity have yet to be decided.

A spokeswoman for RusAl, which is majority owned by billionaire Oleg Deripaska, said the company was interested in developing bauxite resources -- the raw material from which aluminum is made -- and other projects in Indonesia.

She declined to comment on any possible deal with Antam, saying it was too early to talk about specific projects.