Jun 14, 2011

Antam seeks US$650 mio financing

The state-controlled nickel and gold miner PT Aneka Tambang Tbk (Antam) is seeking new financing of US$650 million in a bid to fulfill the 65% investment requirement of Smelter Grade Alumina Project in Mempawah, West Kalimantan.
Antam has also secured US$450 million loan facilities to bankroll Chemical Grade Alumina Project, Tayan, from three Japanese banks.
President Director Alwin Syah Loebis said the Mempawah project scale is larger than Tayan Project with a total value of US$1 billion.
"We will complete the feasibility study of financing this year and initiate the project next year. About 65% of the investment requirement will be fulfilled by loan and the remaining is coming from equity," he said.
Antam is also planning to propose a 30%-50% of dividend payout ratio from last year's net profit to its shareholders during a meeting scheduled today. Referring to the proposed dividend, Antam may distribute Rp498 billion-Rp830 billion dividend.

Disclosure: No position at the stock mentioned above.

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