Cita Mineral, OCBC sign loan facility

By Ruli Setiawan

IDX-listed PT Cita Mineral Investindo Tbk. Announced Tuesday that it had on December 21 signed a notes program with Overseas-Chinese Banking Corporation Limited (OCBC).

The company said in a statement that the value of the notes to be issued is limited at US$23 million with interest rate of 3.8 percent per year for a five-year period.

Cita Mineral said that the proceeds will be used for working capital and investment.

Cita Mineral through a joint venture company PT Well Harvest Wining Alumina Refiney is developing a US$1 billion alumina smelter in Ketapang, West Kalimantan. Cita Mineral owns 25 percent of Well Harvest, with the remaining 75 percent held by China?s Hongqiao Group Ltd.

Editing by Reiner Simanjuntak