Harita Group's strategic move to strengthen its position in the mineral downstreaming industry is becoming more concrete. Through its business entity, PT Cita Mineral Investindo Tbk. (CITA), the company has again injected capital worth IDR 237.03 billion (equivalent to USD 14.55 million) into the giant aluminum smelter project owned by adaro Group, PT Kalimantan Aluminium Industry (KAI).This fresh capital injection is part of CITA's commitment to support the acceleration of the smelter project located in the Kalimantan Industrial Park Indonesia (KIPI), North Kalimantan, which is targeted to be fully operational in Q3 2025.CITA Director, Yusak Lumba Pardede, explained that the company subscribed to 237,039 shares out of a total of 1.89 million new shares issued by KAI in a corporate action valued at a total of IDR 1.89 trillion."The new shares have been taken over by the company with a total nominal value of IDR 237.03 billion," said Yusak in an information disclosure quoted on Wednesday (September 3).Following the transaction, CITA's ownership in KAI officially reached 12.5 percent with a total investment value of IDR 926.43 billion. Meanwhile, the majority shareholder remains PT Alamtri Indo Aluminium (owned by adaro Group) with a 65 percent stake, and Aumay Mining Pte. Ltd. holds 22.5 percent.CITA's management affirmed that the company's total capital contribution to KAI has now reached IDR 419.25 billion, equivalent to 5.5 percent of CITA's equity as of December 31, 2024, which was recorded at IDR 7.62 trillion.The KAI smelter project is one of the national strategic projects being undertaken through the subsidiary of PT adaro Minerals Indonesia Tbk. (ADMR). This facility is projected to have an initial production capacity of 500,000 tons per year, with a target full capacity reaching 1.5 million tons per year to reduce national aluminum imports.
Source https://djakarta-miningclub.com