J Resources raises $208m in baking loan

By Ruli Setiawan

IDX-listed gold miner PT J Resources Asia Pasifik Tbk announced on Friday that a number of its subsidiaries signed on Feb. 17, 2016 a syndicated loan agreement worth US$208.5 million with a group of Indonesia banks to finance their operations.

The subsidiaries are PT J Resources Nusantara, PT J Resources Bolaang Mongondow, PT Sago Prima Pratama, PT Gorontalo Sejahtera Mining, PT Arafura Surya Alam, J Resources Netherland BV., J Resources Gold (UK) Ltd and Specific Resources Sdn. Bhd.

Thanks to the syndicated loans, the firm wish to be able to develop four mining assets which have thus far been financed using syndicated loans which were signed 2013. The firm expects one of the four assets may start production 2017 thanks to the credit facility.

In 2013, the firm signed a syndicated loan worth $275 million. Of the total amount, $160 million is still unused, he said.

The firm has several gold mines in Indonesia located in East Kalimantan, North Sulawesi and Gorontalo provinces.

Editing by Johannes Simbolon