Antam to receive $240 million from German consortium in 2003
Wednesday, August 21 2002 - 11:55 PM WIB
Diversified mining firm PT Aneka Tambang Tbk (Antam) said on Wednesday a German financial consortium led by IKN Hermes would disburse a loan of US$240 million to the publicly listed company in March 2003.
Antam president director Deddy Aditya Sumanegara said the loan, which would be repaid within 13 years, would be used for developing the company?s third ferronickel smelting plant, FeNi III, in Southeast Sulawesi. The project value would reach $360 million, Deddy said, adding that state bank Bank Mandiri would also provide Antam with $75 million in loan for the smelting plant.
The FeNi III facility is located in Pomalaa in Southeast Sulawesi, and is expected to increase Antam?s capacity to produce 20,000 tons of ferronickel annually.
Antam, which is majority owned by the Indonesian government, is listed on the Jakarta Stock Exchange and an Australian bourse. (*)