Coal Producers to Capitalize Growing EV Market through Metal Mining

Summary

Several coal mining producers, including PT Adaro Energy Tbk (ADRO), are expanding into the smelter business. Adaro, through its subsidiary, PT Alam Tri Abadi, bought 145.60 million shares of or a 3.7 percent stake worth Rp 358.76 billion in PT Cita Mineral Investindo Tbk (CITA).

Mahardika Putranto, the corporate secretary of Adaro Energy, said that the company chose to invest in CITA because developing metallurgical grade bauxite and smelter grade alumina businesses are promising in the long term. Apart from ADRO, PT Harum Energy Tbk (HRUM) and several other coal producers are also expanding into metal and mineral mining businesses.

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