Antam set to launch rights issue to finance ferronickel plant
Wednesday, October 7 2015 - 01:45 AM WIB
IDX-listed mining firm PT Aneka Tambang Tbk (Antam) hopes to be able to raise Rp 5.38 trillion in proceeds from an upcoming rights issue to help finance the construction of a ferronickel plant in East Halmahera Regency, North Maluku Province.
This was revealed in a company prospectus issued on Tuesday. Antam said that about Rp 3.5 trillion of the net proceeds will be used for the ferronickel plant project, while the remainder for working capital.
The company said in the prospectus that the first phase of the ferronickel plant, which will have a capacity of 13,500-15,000 TNi per year, is targeted to be completed in 2018.
It added that as of end of August 2015, construction of several supporting facilities such as camp site, main office, port and jetty and water intake facility has been completed. ?Overall, the (progress of) construction of the Haltim (East Halmahera) ferronickel plant has reached 60 percent,? Antam said.
Editing by Reiner Simanjuntak