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Indosmelt to offer 30% stake to Kalla
Local mineral smelting firm PT Indosmelt claims that it has agreed to sell 30 percent of its shares to Kalla Group, a business grouping owned by the family of vice president-elect Jusuf Kalla, as it prepares to continue its development of a copper smelting facility in Maros, South Sulawesi
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ocal mineral smelting firm PT Indosmelt claims that it has agreed to sell 30 percent of its shares to Kalla Group, a business grouping owned by the family of vice president-elect Jusuf Kalla, as it prepares to continue its development of a copper smelting facility in Maros, South Sulawesi.
Indosmelt president director Natsir Mansur said his company had conducted a discussion with the management of Kalla Group regarding that plan, which would retain his firm's position as the majority shareholder.
'We haven't discussed the share percentage, but we will remain a majority shareholder. We will probably sell a maximum of around 30 percent to the Kalla Group,' he said as quoted by kontan.co.id on Monday.
Natsir added that his company was also in talks with Bosowa Group, another Sulawesi-based business grouping owned by tycoon Aksa Mahmud, Kalla's brother-in-law, regarding a similar plan.
The project, worth around US$1-1.5 billion, will be built as integrated copper smelting and gold refining facilities in the area where Kalla's flagship business owns a stronghold.
The facilities will be able to produce 120,000 tons of copper cathodes, 300,000 tons of copper slag, 200,000 tons of anode slag and 20 tons of gold annually once they kick off operations in early 2017.
