WHW obtains up to $425m loan facilities
Thursday, December 15 2016 - 12:25 AM WIB
IDX-listed mining firm PT Cita Mineral Investindo Tbk said that PT Well Harvest Winning Alumina Refinery (WHW), which operates an alumina smelter in Ketapang, West Kalimantan, signed on December 12 senior facilities agreement with a number of lenders.
Cita Mineral said in a statement on Wednesday that the maximum US$425 million worth of facilities, which comprised of 7-year term loan and 5-year working capital loan, were signed with Bank of China Limited-Jakarta Branch, Bank of China Limited-Singapore Branch, DBS Bank Limited, Indonesia Export Financing Agency, Overseas Chinese Banking Corporation Limited and PT Bank OCBC NISP Tbk.
The loans will be used by WHW to help finance operation, working capital, project cost, and refinancing.
Cita via subsidiary PT Harita Prima owns 30 percent stake in WHW, while the remainder is controlled by China?s Hongqiao Group. The smelter started operation in June of this year, albeit at smaller capacity. WHW plans to develop a combined 4 million tons per annum alumina smelter. Construction of the second 1-million tons per annum smelter is targeted to start in 2018.
Editing by Reiner Simanjuntak