GEMS provides additional loan to BIB
Saturday, August 4 2012 - 03:30 AM WIB
IDX-listed coal miner PT Golden Energy Mines Tbk has provided additional loan to its subsidiary PT Borneo Indobara (BIB) to fund the latter?s coal business expansion and construction of needed infrastructures.
The company's statement to IDX says that the total loan has been increased to US$50 million from the previous $30 million with credit term extended to June 30, 2013 from the previous date of Sept 30, 2012. The interest rate is 8 percent per year.
GEMS, which holds 99 percent shares of BIB through PT Roundhill Capital Indonesia, currently has 12 subsidiaries, of which 10 specialize in mining thermal coal with calorific values ranging from 5,200 ? 6,100 kcal/kg (adb) in South Kalimantan, Central Kalimantan, Jambi and South Sumatra.
BIB, located in South Kalimantan, has a 30 year license to mine and market coal until 2036.
Editing by Adianto P. Simamora