Pamapersada to receive $55 million loan from IFC
Tuesday, March 18 2003 - 03:07 AM WIB
Indonesia?s top coalmining contractor PT Pamapersada Nusantara will receive a US$55 million co-financing from the International Finance Corp (IFC), the World Bank's private investment arm, the Commonwealth Telecommunications Organisation (CTO) reported on Monday.
CTO said Pamapersada had approached IFC to partially fund its capital expenditure requirements to replace and expand its heavy mining equipment fleet for the next two years, which is estimated to cost $175 million.
Pamapersada is fully owned by heavy equipment supplier PT United Tractors. It serves several coal mining firms such as PT Adaro Indonesia, Indominco Mandiri, PT Tambang Batubara Bukit Asam and Multi Harapan Utama.
Pamapersada has recently secured a three-year contract from PT Kideco Jaya Agung to carry out activities including coal hauling and overburden removal work at Kideco?s mining concession in East Kalimantan. (*)