Mar 3, 2011

Bumi Minerals seeks US$200 mio loan

Indonesia's non-coal miner PT Bumi Resources Minerals Tbk (BRMS), subsidiary of coal miner PT Bumi Resources Tbk (BUMI), is seeking US$200 million of bank loan facilities to develop severap projects.
Yuanita Rohali, BRMS Finance Director, said several banks have offered the company with several financing facilities. However, she declined to mentione the banks.
Bumi Minerals also secures US$143 million dividend from PT Newmont Nusa Tenggara.
BRMS is planning to spend US$240 million of capital expenditure this year. "We will use proceed from IPO last year."
The company will develop five projects such as Dairi Prima Mineral, Bumi Mauritania, Gorontalo Mineral, Citra Palu Minerals, and Liberia's Konblo Bumi Project.
Dairy Prima is expected to produce 100,000 tons of led and zinc metal, silver, and ore by 2012. It requires US$311 million of investment.
Bumi Mauritania estimates to commence production in late of first quarter 2012 with 6,000 tons of gold. Gorontalo and Citra Palu prokects will run in the second half of 2012.
Disclosure: No position at the stock mentioned above.
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