US firm in Papua nickel deal

By Alexander Ginting

US equity funder and resources streaming firm Key Capital Corp said on Monday that it has signed deal to fund a nickel mining project in Papua.

The project funding is subject to Key Capital being satisfied with the project due diligence and compliance with the recently revised Indonesian Mining ownership and operational provisions. Should adequate funding be secured, the company's interest in both equity and streaming will account to the equivalent of a 49 percent interest in the project, the company said.

The company did not give further detail but said that the project, covering some 92 square miles of tenements, is situated in Tanjung Tanah Merah, in the Deapre District of Jayapura.

Key Capital is a resource funding business established to provision institutional project financing for mining operations through streaming and/or equity agreements. The company is a Georgia corporation headquartered in Phoenix, Arizona

Editing by Reiner Simanjuntak