Central Omega?s subsidiary signs $58.5m loan agreements
Wednesday, February 24 2016 - 03:44 PM WIB
IDX-listed mining firm PT Central Omega Resources Tbk announced on Wednesday that its subsidiary, PT COR Industri Indonesia (CORII), signed two loan agreements worth US$58.5 million with state owned financing agency Indonesian Export Financing Agency (LPEI).
The loan agreements were signed on Tuesday, Feb 23, the firm said.
The loans consists of $40 million credit for investment and $18.5 million credit for capital. The credit facilities will be used to finance the development of CORII?s first stage nickel Pig iron (NPI) smelter and to support the firm?s working capital once the NPI smelter has started operation, the firm said in a statement filed with the Indonesian Stock Exchange.
?Thanks to the banking support in the form of credit facilities, the development of CORII?s first stage NPI smelter in Morowali Utara regency, Central Sulawesi province can be carried out more smoothly in line with target and plan,? the firm said.
CORII is a joint venture between Central Omega and PT Macrolink Nickel Development.
Editing by Johannes Simbolon