Business Update: Adaro Builds USD 728 Million Smelter, Erick Thohir Apologizes

TEMPO.CO, Jakarta – The latest economic and business news as of noon today, Thursday, December 23, 2021, starting with PT Adaro Alumunium Indonesia signing an LoI worth US$ 728 million to build an aluminum smelter in the industrial area of ​​North Kalimantan or Kaltara.

Next, there was BRI’s explanation regarding the issue of the Rp 1 trillion lawsuit from the customer to the company and Erick Thohir who apologized to the Jiwasraya policy holder. Then there was news about farmers’ losses due to dead fish in Lake Maninjau and stories about Bakamla dealing with China while guarding the North Natuna Sea.

The five news stories were observed to be the most accessed by readers of the Tempo.co Economy and Business channel. The following is a summary of the five trending news.

1. Adaro Builds USD 728 Million Aluminum Smelter in Kaltara Industrial Estate

PT Adaro Energy Tbk. through PT Adaro Aluminum Indonesia, signed a Letter of Intention to Invest amounting to US$ 728 million to build an aluminum smelter. This aluminum smelter or processing and refining plant was built in the Indonesian Green Industrial Estate in Tanah Kuning, Bulungan Regency, North Kalimantan or Kaltara.

The signing was carried out at the location on Tuesday, December 21, 2021 in North Kalimantan and witnessed by President Joko Widodo. Adaro Vice President Director Ario Rachmat said the construction of this factory was aimed at supporting the industrial downstream program launched by the government.

“Through this investment, we hope to help reduce aluminum imports,” he said in an official statement, Thursday, December 23, 2021.

Read more about industrial area here.

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