Indo Mines (IDO)
Iron sands explorer Indo Mines is gearing up to become the supplier of choice to the growing Indonesian steel industry.
Indonesian-focused iron sands explorer Indo Mines is gearing up to become the supplier of choice to the growing Indonesian steel industry. The company boasts an experienced management team, including former Fortescue Metals Group chief financial officer Chris Catlow , and high-profile investors including the Sultan of Yogyakarta. The company believes the relationship with the Indonesian royal family, which has an indirect 5 per cent holding in the company, will help fast-track development in Indonesia. The company expects to supply low-cost steel-making products from about 2012 to the Indonesian domestic market, supplemented by offtake into China. The company’s strategic partner, Chinese steel maker Rockcheck Steel Beijing, recently took a 10 per cent stake in the company. South Korea’s Pohang Iron and Steel Company (Posco) could also be interested in supply and plans to build a 6 million tonne steelworks in Indonesia.
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