GEMS sign $2m loan deal with Jambi coal miner
Thursday, May 23 2013 - 02:36 AM WIB
By Peni Pedriawan
IDX-listed coal mining firm PT Golden Energy Mines Tbk (GEMS) has provided a total US$2 million lending facility to coal miner PT Bungo Bara Utama (BBU), according to a document seen by Petromindo.com Wednesday.
The rupiah and US dollar loans, signed on May 20, respectively carry annual interest rate of 12 percent and 8 percent.
BBU will use the loans to finance its capital expenditure plan and construction of coal mining infrastructure facilities.
GEMS indirectly owns 99.98 percent of BBU via subsidiary PT Kuanshing Inti Makmur. BBU owns coal concession in Bungo Regency, Jambi.
Editing by Reiner Simanjuntak