JAKARTA (Reuters) -Indonesia’s PT Arsari Tambang, a tin mining company controlled by the family of President Prabowo Subianto, is in discussions to acquire a mining asset in Canada, its chief executive told reporters on Wednesday.
The company will take advantage of an economic partnership deal Indonesia signed with Canada last month to invest in a mining asset there, Aryo Djojohadikusumo said.
Djojohadikusumo, who is Prabowo’s nephew, declined to give further details of the acquisition target, citing ongoing negotiations, but said the acquisition value is around 7 trillion rupiah ($422.71 million) and the company aims to close the transaction in June 2026.
With the recent trade deal, Canada is aiming to double its trade with Southeast Asia’s biggest economy in six years.
Arsari Tambang works mainly in the Bangka Belitung region, the tin hub of the world’s second largest producer of the metal. Among Arsari’s subsidiaries is Mitra Stania Prima, which has 3,811 metric tons of smelting capacity as of 2024.
($1 = 16,560.0000 rupiah)
(Reporting by Fransiska Nangoy; Editing by Kirsten Donovan)
