Cita Mineral gets $8m loan for smelter project
Saturday, February 28 2015 - 04:15 AM WIB
By Romel S. Gurky
IDX-listed mining firm PT Cita Mineral Investindo Tbk said Thursday it has signed a loan agreement with subsidiary PT Harita Prima Abadi Mineral to help finance a planned alumina smelter project.
Under the agreement signed on February 26, Harita would provide up to US$8 million loan with softer terms to Cita Mineral to fund its equity participation in a joint venture firm called PT Well Harvest Winning Alumina Refinery, which is developing a US$1 billion alumina smelter in Ketapang, West Kalimantan.
Cita Mineral owns 25 percent stake in Well Harvest, with the remaining 75 percent held by China?s Hongqiao Group Ltd.
Editing by Reiner Simanjuntak