The state-controlled nickel and golf miner PT Aneka Tambang Tbk (Antam) is seeking a US$900 million financing to help development of a US$1.6 billion ferronickel (feNi) project at Buli, East Halmahera, North Maluku.
Antam President Director Alwin Syah Loebis said the company is considering bonds, bank loan, or combination of bonds and bank loan.
"We expect to appoint investment banks which will help us to secure a certain financing in the next 2-3 months," he told Insider Stories.
After Antam entered into a memorandum of understanding with the state electricity company PT Perusahaan Listrik Negara to supply electricity for the Halmahera project on March 23 2011, Antam is underway to hold a beauty contest on more than 20 foreign and local banks.
Documents of financing structure had been submitted to Antam at early this month with an advice of PT Danareksa Sekuritas as its financial advisor.
Investment banks were so frenzy to participate the beauty contest and tried to set several consortium of banks. How many consortium has been set up and who are they?
The project is set to have a total capacity of 27,000 tons of nickel in ferronickel. The project and the power plant's total cost is estimated to reach US$1.6 billion. Who is the consortium?
Disclosure: No position at the stock mentioned above.
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