Minews - Russian firms to invest up to $7.5 billion in Indonesian mining

(Minews) - 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.