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Antam seeks $325 m loans from Japan
State mining company PT Aneka Tambang (Antam) has confirmed the company is trying to raise US$325 million in loans from Japanese banks for two projects in West Kalimantan and Southeast Sulawesi
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tate mining company PT Aneka Tambang (Antam) has confirmed the company is trying to raise US$325 million in loans from Japanese banks for two projects in West Kalimantan and Southeast
Sulawesi.
“The loans will finance two projects; a chemical grade alumina project in Tayan, West Kalimantan, and a steam power plant [PLTU] in Pomala, Southeast Sulawesi,” Antam president director Alwin Syah Loebis told journalists in Jakarta late Saturday.
Around $250 million from the total loans from Japanese banks would be used to finance the Tayan project, while the rest will be allocated for the PLTU in Pomala, said Alwin.
He elaborated that the chemical grade alumina project would require some $400 million in total investment.
“The PLTU project requires $300 million in investment, of which about $75 million will be from loans,” Alwin said.
Antam aims to complete the financing of both projects this year.
“If the financing process is finished this year, hopefully the project in Tayan will start construction in the beginning of next year,” Alwin said, adding that the construction of the installations in Tayan would take between 28 and 30 months.
Alwin confirmed Antam had opened the bidding for engineering, procurement and construction (EPC) contracts. The result of the EPC bids would be announced in April.
In its website, Antam reported that it netted Rp 604.3 billion in consolidated audited net profit
in 2009, with profits having slumped by 56 percent down from 2008 as nickel prices
dropped due to the global economic downturn.
Antam sales revenue decreased 9 percent to Rp 8,711 billion, said the latest report issued on March
23 says.
In 2009 the bulk of Antam’s sales were contributed by gold production and sales valued at Rp 4,321 billion or a 58 percent increase over 2008.
“This year, the company is targeting higher ferronickel and nickel ore production and sales in line
with improved demand and sales prices,” Alwin said in Antam’s 2009 financial performance announcement.
Antam reportedly will spend $180 million in capital expenditure this year, of this $70 million
will be allocated to routine spending, $30 million for acquiring gold and coal mining interests, $40 million for cash reserves and $40 million on the newly acquired Cibaliung project in
West Java.
