State lender Bank Mandiri announced on Wednesday that it had injected US$129 million into state-owned diversified mining company Aneka Tambang (Antam) to refinance the latter’s business loans.
Mandiri and Antam said in a joint statement that the refinancing scheme changed the loan terms from a fixed interest rate to a floating interest rate. The loan’s due date remains unchanged at June 2024.
Antam president director Arie Prabowo Ariotedjo added in the statement that “with the company’s financial performance growing ever more solid, Antam received an investment credit facility with a more competitive interest rate that can lower the company’s financial burdens.”
Antam, a publicly listed company, last booked Rp 5 trillion (US$354.48 million) in long term bank loans payable in March, according to its first quarter financial report.
“As a major player in the mining sector, Antam needs support to strengthen its production capacity in meeting demand from local industries and international markets,” said Bank Mandiri corporate director Royke Tumilaar.
The mining company is pouring funds to develop, among others, a ferronickel processing plant in North Maluku province and an alumina refinery in West Kalimantan. Once completed, the former plant is expected to produce 13,500 tons of nickel each year.
https://www.thejakartapost.com/news/2019/09/20/mandiri-pumps-129m-refinancing-fund-into-antam.html
2019-09-20 09:06:00Z
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