Cita Mineral lends $10m to Harita Prima
Tuesday, May 12 2015 - 03:23 AM WIB
By Romel S. Gurky
IDX-listed mining firm PT Cita Mineral Investindo Tbk announced Monday that it signed a loan agreement late last week with its 99.99 percent-owned bauxite mining subsidiary PT Harita Prima Abadi Mineral.
The company said in a statement that under the agreement, it would provide up to US$10 million loan to Harita Prima.
Harita Prima is currently in the process of developing an alumina smelter in Ketapang, West Kalimantan, with total capacity of 4 million tons per annum. The first phase 1 million tons per annum capacity is targeted to start production early next year.
Editing by Reiner Simanjuntak