Atlas Resources renews credit facilities
Thursday, March 22 2012 - 03:12 AM WIB
Coal miner group PT Atlas Resources Tbk has on Tuesday signed a revision of its credit loan facilities with Bank DBS and Bank Permata, allowing the company to receive additional credit facilities.
In addition to the main facility of uncommitted omnibus limit with the referred collective of US$ 20 million, the group will also get revolving credit facilities, bank guarantee and financing facilities in the form of uncommitted export bill letter of credit clean facility.
These facilities will mature in 12 months
Atlas Resources announced in October last year that it has obtained 3 to 5 year maturing credit facility worth US$95 million from Bank Permata, Bank DBS Indonesia and Bank Danamon Indonesia.
Atlas operates 14 coal mines in East Kalimantan, South Sumatra and Papua and five mining hubs in Berau, West Kutai, Oku (Ogan Komering Ulu), Muba (Musi Banyuasin) and Papua with some 2.5 million tons of coal output in 2011.
It has stated to target 5.1 million tons of coal output by 2013, further ramping it up to 9.25 million tons per year in 2015.
Editing by Er Audy Zandri