BRMS successfully extended loan facilities

By Cepi Setiadi

IDX-listed mining company PT Bumi Resources Minerals Tbk reported that it has successfully extended the maturity date of its Credit Suisse loan facilities of US$ 325 million and US$ 100 million until the end of December 2013. Initially, both facilities were due in late September 2013. The company?s other Nomura loan facility of around $8 million is not due until year 2016.

"BRMS has, so far, been meeting the terms and conditions under all of the facilities," the company said on its press statement received by Petromindo.com on Tuesday. The company also maintains a relatively healthy Debt to Equity ratio of 0.35x based on the first half of 2013 financial results.

As reported last month, BRMS also announced that its 80 percent owned subsidiary, PT Gorontalo Minerals, successfully secured the extension of the Borrow & Use Exploration permit from the Ministry of Forestry for another 2 years. This will allow Gorontalo to finalize the ongoing feasibility study in its operated copper & gold concession in Sulawesi.

Last year, Gorontalo reported significant resource estimates of 292 million tons of ores, with the average grade of 0.5 percent (copper) and 0.47 g/t (gold) from its Sungai Mak and Cabang Kin sites. The JORC standardized resource estimates were completed by the SRK Consulting (Australasia) Pty Ltd of Australia in August 2012. Currently, BRMS owns 80 percent stake in Gorontalo. This leaves PT Aneka Tambang Tbk, the joint partner, with the remaining 20 percent stake.

Editing by Johannes Simbolon