Asia Natural secures $10 million capex fund
Saturday, January 21 2012 - 02:26 AM WIB
IDX-listed mining and trading company PT Asia Natural Resources Tbk has secured financial commitment of US$10 million from China-based Wuhan Shipbuilding Trading which would be used to finance the company?s capital expenditure this year.
Corporate Secretary of Asia Natural Resources Stanislaus Say said the company would also use the money to prepare for the production of manganese company in Atambua, East Nusa Tenggara.
?Our partner, Wuhan has provided $5 million and the remaining is expected to be cashed within two months,? he said.
The company said that it needed some $50 million for capital expenditure in 2012 include to operate the company?s subsidiary PT Telenindo in producing nickel from its site in Southeast Sulawesi and its manganese mining company in East Nusa Tenggara.
?We will put priority to get the fund from our partner, but we also plan to seek additional money from other financers, financial institutions or right issues. We have no communication with banking sector (so far),? he said.
PT Asia Natural Resources, listed in the Indonesia Stock Exchange (IDX) in 1994, currently cooperates with 2 companies; PT Buana Santalum with a 160 hectares concession in Belu, East Nusa Tenggara which has production mining business permit, also with the company?s CV Lestari Agung, with a 2,490 hectares concession in Atambua which has an exploration mining business permit.
Editing by Adianto P. Simamora