Cita Mineral secures $100m loan
Thursday, October 24 2013 - 12:55 AM WIB
IDX-listed bauxite mining firm PT Cita Mineral Investindo Tbk reported on Tuesday that it and its three subsidiaries has signed a US$100 million loan agreement with DBS Bank Ltd and OCBC.
The company said that the loan will be used as working capital and investment as well as refinancing of existing credit facility.
Cita Mineral has three bauxite mining subsidiaries namely PT Harita Prima Abadi Mineral, PT Karya Utama Tambangjaya and PT Sandai Inti Jaya Tambang.
Cita Mineral through its JV unit PT Well Harvest Winning Alumina Refinery is constructing an alumina smelter in West Kalimantan with initial capacity of 1 million tons per annum with production expected to start in 2015.
Cita has 25 percent stake in Well Harvest.
Editing by Reiner Simanjuntak