GEMS bags loan from Bank Mandiri
Tuesday, July 4 2017 - 01:08 AM WIB
By Alexander Ginting
IDX-listed coal mining firm PT Golden Energy Mines Tbk (GEMS) reported on Monday that its subsidiaries PT Borneo Indobara and PT Kuansing Inti Makmur have received US$35 million 1- year- loan from Bank Mandiri.
The company said the working capital loan will carry interest of 6% per year for USD and 9% for Rupiah.
GEMS is a unit of conglomerate Sinar Mas Group. This year GEMS plans to produce 14.35 million tons and sell 15.38 million tons to overseas and domestic customers. Some 80 percent of the production will come from its South Kalimantan unit PT Borneo Indobara (BIB) with the balance produced from its Jambi mine PT Karya Inti Mining.