Ras al-Khaimah, Trimex joint venture to invest $5bn in Indonesia
A joint venture including the Trimex Group and Ras al-Khaimah, an emirate of the United Arab Emirates, plans to invest US$5 billion in Indonesia on transport infrastructure and minerals projects.
The projects, overseen by Trimex subsidiary MEC Holdings, will include a $1 billion 130km railway in Indonesian Borneo, capable of transporting 64 million metric tonnes of coal per year. MEC Holdings also plans to invest $500 million developing a coal mine in Muara Wahau, East Kalimantan, and will probably invest the remainder of the $5 billion in a partnership with India’s National Aluminum Co. to build an aluminum smelter and power plant in the same province.
Construction of the railway would begin in 2012 for completion in 2014, according to MEC Holdings executive vice chairman Madhu Koneru. Indonesia sees infrastructure development as a vital component in achieving rapid economic development, but needs billions of dollars in foreign investment to fulfill its goals of 6.6% average growth per year before 2014.
source & article: Bloomberg via The Jakarta Globe
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