PERTH (miningweekly.com) – ASX-listed diversified mining and metals company PT Antam, which has operations spread throughout the Indonesian archipelago, has signed a $100-million export credit facility with Indonesia Eximbank.
The credit facility would help Antam fund working capital and fund the expansion of its Pomalaa ferronickel plant, which would increase ferronickel production at Pomalaa to between 27 000 t/y and 30 000 t/y, from between 18 000 t/y and 20 000 t/y.
The expansion project would cost between $500-million and $600-million.
The expansion project started construction in February, and the electric furnace facility was expected to start commissioning by the end of 2014, while the overall project commissioning would start in 2015.
Antam told shareholders that the $100-million facility agreement was part of a $160-million credit facility provided by Indonesia Eximbank, The export credit facility would have a ten-year tenor, and a grace period of two years.