Jakarta (ANTARA News) - Publicly-listed nickel mining firm PT International Nickel Indonesia (Inco) Tbk has secured US$300 million in export loans from three international financial institutions.

Inco signed a senior export facility agreement with Bank of Tokyo, Mizuho Corporate Bank, and Mitsubishi UFJ on Monday with Mizuho as a lead arranger, Inco said in a press statement on Tuesday.

Inco Corporate Secretary Indra Ginting said the loans would be used to finance the construction of a hydro power plant at Larona River in Karebbe, South Sulawesi.

"The company decided to take advantage of long-term, attractive funding facilities from the third party to finance the Karebbe project," Indra said.

He said the Karebbe project would increase the capacity of the company`s hydro power plants by 33 percent.

The 90-megawatt-capacity hydro prower plant is scheduled for completion in 2011.(*)

Editor: Heru

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