Mitrabara sign credit deal with Bank UOB
Saturday, March 14 2015 - 05:12 AM WIB
IDX-listed coal miner PT Mibrabara Adiperdana Tbk said that the company and subsidiary PT Baradinamika Mudasukses signed on March 12 a loan agreement with PT Bank UOB Indonesia.
Mitrabara said in a statement Friday that under the agreement, the company would obtain pre-export financing and invoice facility worth US$20 million, and foreign exchange facility worth $20 million for a period of 12 months since the signing of the deal.
The credit facility will be used to help finance working capital and exchange of hard currency, the company said.
Mitrabara as previously said it plans to boost coal production by 60 percent this year compared to last year?s 2.5 million tons, in line with the increase capacity of production facility, and expansion of infrastructure facilities particularly at its port in North and East Kalimantan.
Mitrabara exports much of its coal output to among others China, the Philippines, and Taiwan.
Mitrabara this year plans to also continue developing new infrastructure facilities at the Muara Bengalun port in East Kalimantan. The project covers the development of facilities such as jetty, conveyor, stockpile and coal crusher, all of which targeted to start operation in the third quarter of 2015.
Editing by Reiner Simanjuntak