Business

ZINC Ready to Add Foreign Exchange for Indonesia

Jakarta – Issuer of base metal producer PT Kapuas Prima Coal Tbk (ZINC) is actively realizing its commitment to the downstream program launched by the government. The company has realized a total investment of US$ 30.2 million to build a lead smelter and zinc smelter. The Company’s seriousness in implementing downstream has resulted in a relaxation permit for raw mineral exports until May 2024 for both commodities.

“Our commitment in implementing the downstream program launched by the government is unquestionable. The raw mineral export relaxation permits that we obtained for two of ZINC’s subsidiaries are clear evidence of the Government’s trust in the Company’s commitment to support the downstream program,” said ZINC President Director, Harjanto Widjaja.

With the relaxation obtained for both subsidiaries, PT Kapuas Prima Citra for lead exports and PT Kobar Lamandau Mineral for zinc exports, ZINC is ready to increase foreign exchange earnings through raw mineral exports for the next one year. The export relaxation also makes ZINC optimistic that it will be able to record positive revenue growth this year.

On the other hand, Kapuas Prima Citra’s lead smelter, which only started production in June 2022, will continue to optimize its production this year. Communication has also begun to several similar mining companies that have shut down their operations because they are not allowed to export to be revived and sell their processed mining products to PT Kapuas Prima Citra. Meanwhile, Kobar Lamandau Mineral’s zinc smelter is planned to start operating in the third quarter of next year.

According to the verification results of the Ministry of Energy and Mineral Resources (ESDM), the construction of the lead concentrate smelter from Kapuas Prima Citra with an investment realization of US$ 10 million has been 100% completed as of May 2022. Meanwhile, the construction of PT Kobar Lamandau Mineral’s zinc smelter with an investment realization of US$ 20.2 million has reached 89.65% as of February 2023.

Sentinel

The Indonesia Sentinel - News from Indonesia >>> please contact us - indonesiasentinel21@gmail.com Follow us at Google News

Related Articles

Back to top button