Adaro unit secures $65m loan from DBS Bank

IDX-listed energy firm PT Adaro Energy said Tuesday that its wholly-owned coal trading unit Coaltrade Services International Pte Ltd. has secured a US$65 million loan from Singapore?s DBS Group Holdings Ltd.

The letter of credit facility agreement which will mature on April 2010 was signed on April 8, the company said in a statement to the Indonesia Stock Exchange.

Adaro, the country's second largest producer has targeted coal production at 42-45 million tons this year. According to Terence Willsteed & Associates, it has mineable coal reserves of 928 million tons, with the total resources estimated at 2.8 billion tons as of December 31, 2007. (denny)