PwC to evaluate Antam?s Feni III project
Friday, November 30 2001 - 02:07 AM WIB
International consulting firm PricewaterHouseCoppers (PwC) has been appointed to audit the FeNi III ferronickel project of the state-owned general mining firm PT Aneka Tambang (Antam).
Antam president D. Aditya Sumanagara told the Jakarta Stock Exchange in a letter Thursday that the evaluation by PwC was a prerequisite demanded by German creditor Hermes Kreditversicherungs AG to finance the project.
No details were available.
Reports earlier said that Antam was expecting some US$120 million loan from the German creditor to finance its third ferronickel project in South Sulawesi.
The project was originally scheduled to start operation in 2003. The new project would boost the company ferronickel output to 24,000 tons per year from the current 11,000 tons.(Amoros)