Antam to receive Rp 720 billion from JBIC this year

State owned mining company PT Aneka Tambang Tbk (Antam) will receive about 6.5 billion yen (about Rp 720 billion) in loans from Japan Bank for International Cooperation (JBIC) this year to partly finance the chemical grade alumina (CGA) project in Tayan, West Kalimantan.

?The fund will be the first part of loans to be disbursed for the project,? Antam?s corporate secretary Bimo Budi Satriyo told Investor Daily in Jakarta on Wednesday.

Antam and its partners will need at least US$ 450 million or about Rp 3.8 trillion to develop the CGA project. Up to now, Antam has spent about US$ 115 million (Rp 980 billion) from its own funds for the project.

Bimo said that the 6.5 billion yen loans amounting about 28 percent of the US$292.5 million loans pledged for the CGA project would be disbursed this year. ?This year, we will receive loan disbursement of 6.5 billion yen, another 13.5 billion yen next year. In 2013, we will get loan disbursement of 6.32 billion yen,? Bimo added. (*)