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Antam building nickel smelter Halmahera Timur.

State mining company PT Aneka Tambang (Antam) is starting the construction of a US$ 1.6 billion nickel smelter after a ground breaking ceremony late last year. The smelter with a production capacity of 27,000 tons of ferronickel to be built in Halmahera Timur is expected to be operational in 2014. Antam's president Alwin Syah Loebis said a subsidiary PT FeNi Haltim has been established to operate the factory. Alwin said the completion of the project is set to coincide with the implementation of the law on minerals and coal banning the exports of unprocessed minerals in 2014. The law will force many mining companies to build their owns processing factories. Alwin said Antam has arranged project financing Project financing

A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis.
 with a bank consortium grouping major local and foreign lenders such as Bank Mandiri Bank Mandiri (JSX : BMRI) is the largest bank in Indonesia in term of assets, loans and deposits. Total assets as of Q3 2006 were IDR 253.7 trillion (or USD 25.7 billion). It also has Capital Adequacy Ratio (CAR) of 23% (including market risk), Return on Asset (RoA) of 0. , Bank Rakyat Indonesia Bank Rakyat Indonesia or PT. Bank Rakyat Indonesia (Persero) (BRI), (tr. People's Bank of Indonesia), is one of the larger banks in Indonesia. It specialises in small scale and microfinance style borrowing from and lending to its approximately 30 million retail clients through its , Goldman Sachs and Deutsche Bank. The consortium has agreed to provide up to US$ 1 billion, he said. The project is included in the Master Plan for Acceleration and Expansion of Indonesian Economic Development. (MP3EI).
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Title Annotation:CORPORATE NEWS IN BRIEF
Publication:Indonesian Commercial Newsletter
Date:Dec 1, 2011
Words:171
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