COR Industri obtains $25m L/C for smelter project
Monday, June 29 2015 - 06:26 AM WIB
By Ruli Setiawan
PT COR Industri Indonesia, which is a joint venture between IDX-listed mining firm PT Central Omega Resources Tbk and PT Macrolink Nickel Development, had on June 24 obtained a US$25 million letter of credit (L/C) facility from Bank Panin.
Central Omega said in a statement that it has provided guarantee for the L/C facility as requested by the bank.
It added that the L/C is needed for financing the import of materials and services used in the construction of COR Industri?s nickel pig iron smelter in North Morowali Regency, Central Sulawesi.
Editing by Reiner Simanjuntak