GEMS obtains $15m loan from ICICI
Wednesday, November 22 2017 - 01:01 AM WIB
IDX-listed coal mining firm PT Golden Energy Mines Tbk (GEMS) said that it has obtained US$15 million loan facility from the Singapore-branch of ICICI Bank Ltd.
The company said in a statement that part of the loan is also allocated for its directly owned subsidiary GEMS Trading Resources Pte Ltd (GEMSTR), a trading company set up in 2012.
?The (loan) facility is for working capital of GEMSTR and the company including for coal sale and purchase activities,? GEMS said in the statement on Tuesday.
GEMS this year aims to produce 14.35 million tons of coal, of which around 80 percent to be produced by its South Kalimantan subsidiary PT Borneo Indobara, and the remainder by Jambi subsidiary PT Karya Inti Mining. The company, which is part of the Sinar Mas Group, plans to sell 15.38 million tons of coal to both domestic and export buyers this year.
Editing by Reiner Simanjuntak