We plan the development of the sixth phase of Batu Hijau block will last for three years, namely from 2011 to 2013.Jakarta (ANTARA News) - PT Newmont Nusa Tenggara (NNT), a local unit of US mining giant Newmont Mining Corporation, has secured a syndicated loan of US$600 million from 16 banks to cover its capital expenditures.
NNT President Director Martiono Hadianto signed a loan agreement with leaders of 16 domestic and foreign banks here on Tuesday.
The loan syndication is led by Bank Mandiri, BNP Paribas, and Sumitomo Mitsui Banking Corporation (SMBC) with the other 13 banks as members.
The 13 banks are Credit Agricole and Investment Bank (Singapore Branch), ING Bank NV (Singapore Branch), PT Bank Sumitomo Mitsui Indonesia, Commonwealth Bank of Australia, Caterpillar Financial Australia Limited, PT Bank BNP Paribas Indonesia, PT Bank Negara (Persero) Tbk, Societe Generale Asia Ltd, Natixis (Singapore Branch), Goldman Sachs Lending Partners LLC, PT Bank Commonwealth, Aozora Bank Ltd, and UBS AG (Singapore Branch).
NNT currently operates the Batu Hijau gold and copper mine in West Nusa Tenggara province.
Martiono said the loans would be used to develop the sixth phase of Batu Hijau block. "We plan the development of the sixth phase of Batu Hijau block will last for three years, namely from 2011 to 2013," he said.
Bank Mandiri Vice President Director Riswinandi said the loans which carried interest rate slightly lower than the prime rate would be payable in six years.
The loans consist of US$200 million from Bank Mandiri, US$125 million from SMBC, US$75 million from BNP Paribas and US$200 million from the 13 banks.
According to the results of NNT`s general shareholders meeting, the company was allowed to seek loans of up to US$800 billion, Martiono said.
He said the company needed a great deal of funds to develop Elang block. (K007)
(S012/A/HAJM/16:45/B/S012)
(ANTARA)
Editor: Ella Syafputri
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