Antam secures $292.5m loan deal for Tayan project
Monday, June 13 2011 - 07:21 AM WIB
Antam's joint venture company PT Indonesia Chemical Alumina (ICA) on Monday signed that loan facility agreement provided by Japan Bank for International Corporation (JBIC) and consortium of commercial banks such as Muzuho Corporate Bank Ltd and The Sumitomo Trust and Banking Co Ltd (STB), Alwin Syah Loebis, Antam's president director said.
The loan would be in yen denomination, aims to supporting the financing of CGA Tayan project with investment cost totaling $450 million.
Antam had in Feb. 4, 2011 signed shareholder loan agreement worth $140.5 million granted to ICA.
Antam holds 80% stake in ICA while the rest 20% is owned by Japan-based Showa Denko K.K. (SDK).
The consortium has started construction of the project and it is expected to take 32 months and commercial production is expected to commence in January of 2014. The Tayan CGA Project will process Antam?s bauxite reserves to produce 300,000 tonnes of CGA per annum, which will be used by SDK (200,000 tons) and allocated for domestic market (100,000 tons). (*)