Russian firms to invest up to $7.5 billion in Indonesian mining
JAKARTA (AFP) - Russian firms plan to invest up to US$6 billion (S$7.5 billion) in Indonesia's mining sector this year, Jakarta said on Tuesday, despite its recent mineral export ban that has worried foreign investors.
Projects include a refinery on Borneo to process bauxite, an aluminium ore, and a railway on the island to transport coal to a port, said Indonesian Chief Economic Minister Hatta Rajasa.
Rusal, the world's biggest aluminium producer, has signed a memorandum of understanding to build the refinery with a local company.
"The investment potential this year is between five and six billion dollars," Mr Hatta said.