Indonesian President Calls for More Mining Investment
Posted on: Tuesday, 25 October 2005, 09:00 CDT
Indonesian president calls for more mining investment
JAKARTA, Oct. 24 (Xinhu) -- Indonesian President Susilo Bambang Yudhoyono on Monday called for more investment in the mining sector despite recent fuel prices hike, the Jakarta post reported.
"There will be a new equilibrium following the fuel prices hike. There is no need to be afraid to invest," the president said at the officiating ceremony of state-owned mining company PT Aneka Tambang's power plant and ferro-nickel smelter.
The dual-firing power plant has a capacity of 102 megawatts while the smelter will have a capacity of 15,000 tons per year when it starts production in 2006.
The total investment for the power plant and smelter is 320 million US dollars. Currently, PT Aneka Tambang has two ferro- nickel smelters with an annual production of 11,000 tons.
Susilo also officiated the start of another ferro-nickel project belonging to publicly listed smelter PT INCO in Soroako, South Sulawesi, which will increase PT INCO's annual capacity from 160 million pounds to 200 million pounds by 2009.
Source: Xinhua News Agency - CEIS
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