PT Trinitan Metals and Minerals Tbk (IDX: PURE), has plans to build a nickel smelter factory in the special economic zone (SEZ) of Palu in Central Sulawesi - Photo by the Company

JAKARTA (TheInsiderStories) – The issuer owned by the Tandiono family, PT Trinitan Metals and Minerals Tbk (IDX: PURE), has plans to build a nickel smelter factory in the special economic zone (SEZ) of Palu in Central Sulawesi, said the president director yesterday. The factory will build in a 200-hectare areas which is expected to be completed in October 2021.

President Director of the company, Petrus Tjandra, said the construction of the smelter collaborated with PT Bangun Palu Central Sulawesi. He adds, the agreement has been signed on Sept. 16.

Palu‘ position is closer to consumers in China, Japan or Korea and we hope to cut our logistics and production costs,” he told reporters during an online public exposure last week.

However, his not provided details of the total investment of the new project and the capacity of the smelter. The plant’ will later utilize the hydro-metallurgical step temperature acid leach technology, which is being developed by the company. He added, this technology requires a minimum investment around US$2 million and 70 – 80 percent cheaper than other technologies.

Trinitan is a company engaged in the metal and steel processing industry. The company headquarter located in Bogor, West Java, which was founded in 2009 and has been listed at the Indonesia Stock Exchange on Oct. 9, 2019. The issuer’ market capitalization recorded at Rp402.7 billion ($27.39 million).

The company’ asset value up to the first quarter of 2020 was recorded at Rp777.27 billion. In the same period, the issuer also recorded a net loss of Rp6.29 billion, which is the opposite of the previous year’ profit of Rp7.04 billion. And, the sales and operating income were recorded at Rp86.40 billion, down from the previous year worth of Rp139.83 billion.

Based on its official data, the majority shareholder is PT Trinitan Recourcetama Indonesia, which controls 74.24 percent of shares and others hold by public. The company is part of the busines or the Trinitan Group owned by the Tandiono Family through Ferry Joedianto Robertus Tandiono.

Apart from the battery manufacturer PT Nipress Tbk (NIPS) under the NS brand, another affiliated company is the solar panel company PT Sky Energy Indonesia Tbk (JSKY).

US$1: Rp14,600

Written by Editorial Staff, Email: theinsiderstories@gmail.com