Indonesia's mining company obtains loans from CIC
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Indonesian prominent mining holding company, PT Bumi Resources Tbk, offered four of its mining companies as guarantee to earn 1.9 billion U.S. dollars of loans from China Investment Corporation (CIC), the Kompas Daily reported here on Saturday.
The loan would be disbursed by the Country Forest Limited, a subsidiary unit of CIC. In its explanation to Indonesian Stock Market Supervisory Body (BEI), Bumi management board said on Friday that the loan agreement with CIC had been signed on September 18 this year.
Bumi's units offered as guarantee to obtain the loan are PT Kaltim Prima Coal, PT Arutmin Indonesia, Indocoal Kalsel Resources and Indocoal Resouces Kaltim.
Bumi Resources controls up to 70 percent shares in each unit offered as the guarantee in the loan agreement with CIC. Under the loan agreement, Bumi Resources also offered its receivable and sales as part of its guarantee to obtain the loans.
