Indonesian state miner Aneka Tambang (Antam) ANTM.JK aims to finish construction of its bauxite processing plant next year, executives said on Thursday, after the government banned exports of the ore to spur development of smelters.
Indonesia, the world's sixth-largest bauxite producer, banned exports of the raw material for aluminium starting this month.
Antam aims to commission its West Kalimantan refinery in June 2024 and produce 1 million tonnes of smelter-grade alumina, Antam executives told reporters.
Development of the smelter had faced years of delays and was initially expected to complete construction in 2019.
"Antam supports the government policy although it will impact our performance," chief executive Nicolas Kanter said.
While Antam is affected by the bauxite export ban, the company expects domestic buyers could absorb up to 1.5 million tonnes of its bauxite output, said director Dewa Wirantaya. The company typically produces 2 million tonnes bauxite per year.
The company also hopes the ban would have limited impact on the company's earnings this year, as bauxite usually contributes less than 3% of its revenue, Dewa said. The majority of Antam's revenue comes from gold and nickel products.
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