Bumi secures US$200 million loan from CSFB

Publicly listed mining firm PT Bumi Resources said Friday it had secured a US$200 million short-term loan from Credit Suisse First Boston of Singapore.

Bumi said in a statement that the loan facility will be needed only up to July 1 for working capital requirements and to retire existing debt. The company did not provide further details.

Bumi plans to enter coal liquefaction business. The company has agreed to sell 95 percent of PT Kaltim Prima Coal, 100 percent of PT Arutmin Indonesia and Indo Coal Resources Ltd for $3.2 billion.

Bumi is to acquire PT Pendopo Energi Batubara, a company that holds a 34,430-hectare coal mining concession in Muara Enim regency, South Sumatra, for about $3 million as an effort to enter the new business. (Robert)